Brokerages including the foreign brokerages are bullish on Tata Consultancy Services (TCS) despite weak numbers.

Barclays

Barclays has set a target price of Rs 2975 on the stock of TCS. "We continue to assume a stable demand scenario for FY16 in which TCS' strength in execution should lead to industry leading revenue growth. We retain our overweight rating," the brokerage firm has stated.

CLSA

CLSA has set a price target of Rs 3000 on the stock of TCS. "While lower revenue (despite strong margins) leads us to cut FY16/17CL earnings and our target by 2 per cent, a mix of traditional (IMS/BPO) and new (SMAC) drivers should help TCS' CCY FY16-18 growth momentum to stay healthy at 15-16 per cent YoY. Strong FY15-18CL earnings growth of 16 per cent keeps it attractive and justifies a 20x one-year forward multiple," thr firm has said.

Kotak Institutional

Kotak Institutional has put an add rating on the TCS stock with a price target of Rs 2725 on the stock. "We believe TCS has made all the right strategic bets, but will still see decline in growth rates (and reduction in growth premium over competition) as market share gains become more challenging and a portion of its portfolio drags overall growth. We cut FY2016-17E EPS by 2-3 per cent," the research firm has stated. .

TCS reported a net profit of Rs 5328 crores for the quarter ending June 30, 2015. The company decalred a dividend of Rs 5 per share.

There was no guidance given but the Chief Financial Officer had this to say on the quarterly numbers. "Sharp cross currency movements have impacted dollar revenues, but we continue to manage operations with discipline and rigour while investing in people, capabilities and infrastructure on an ongoing basis. Growth in Q3 was driven by industries like telecom, hi tech and services.

The stock of TCS closed at Rs 2470 on the National Stock Exchange.

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