“Has an 'add' rating on TCS with a target price of ₹2,450, representing a 7.4% upside. The acquisition of MHP is seen as inexpensive, potentially EPS neutral or accretive, and paves the way for a five-year, €1.25 billion deal with Porsche, scaling AI programs. However, high reliance on the German automotive sector and client concentration pose downside risks, with maintaining business continuity with Volkswagen being critical.”