TCS, India's largest software exporter by sales, has hit back at brokerage house CLSA's IT sector downgrade.
The company's investor relations team sent out a mail to equity analysts stating that it hasn't witnessed any weakening of demand and that visa issues, though an irritant wasn't disruptive enough to justify a sudden sector downgrade. ET NOW has a copy of the mail sent by TCS.
"On the matter of macro worries, we are not seeing any weakening of demand. Clients continue to fund new projects and ramp-ups are proceeding smoothly. The worry of a systemic shock from Greek default remains, but that is no incremental negative either," TCS said in the e-mail.
