& capital markets segments in US. Maintain Hold rating. We met Tata Consultancy Services' (TCS) management to understand the demand environment & to get an update on business outlook. Management mentioned that softness in BFSI & retail will persist in Q3FY20E also & it will be aggravated by impact of higher furloughs. Deal wins remain healthy (signed deals worth US$12.1bn in H1FY20) but revenue momentum has decelerated in H1FY20. BFSI & Retail contributes to 46% of the total revenues...