TIS is a wholly owned subsidiary of Tata Industries and has three decade expertise in the corporate learning business with revenues of about Rs1.4bn (FY17) with elite clientele (70 Fortune 500 companies) spread across Europe and India. traction for FY19 and FY20 significantly. Post-acquisition MPS would emerge as strong challenger in the fast-growing enterprise learning outsourcing business. We have upgraded our Revenue/earnings estimates post this event and now expect MPS to deliver 33%/19% CAGR over FY18-20e respectively. We upgrade our Rating on the stock to BUY with TP of Rs840 per share (valued at 15x FY20e earnings)....