Street View: TCS' Porsche deal seen deepening European auto presence
BUZZ-Street View: TCS' Porsche deal seen deepening European auto presence Aug 25 (Reuters) - ** Tata Consultancy Services TCS.NS will buy Porsche AG's P911_p.DE automotive and consulting unit MHP, as part of a wider partnership under which Porsche has committed €1.25 billion for the Indian firm and MHP
** Shares rise 0.7% to 2,300 rupees
STRENGTHENING EUROPE AUTO PLAY
** HSBC ("hold," PT: 2,350 rupees) says the MHP acquisition fills a key white space in TCS' European automotive and consulting business and comes with committed revenues from Porsche
** Morgan Stanley ("equal-weight," PT: 2,200 rupees) says the deal strengthens TCS' automotive engineering capabilities, adds a marquee Porsche relationship and expands its European footprint, but expects only a modest financial contribution
** Emkay Global ("add," PT: 2,600 rupees) says the acquisition and accompanying AI partnership with Porsche should bolster TCS' automotive and industrial consulting capabilities in Europe
(Reporting by Kashish Tandon in Bengaluru)
((kashish.tandon@thomsonreuters.com; 8800437922))
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