TCS reported a stellar performance in Q2FY21 with a beat across the board vs. our forecast. Revenue grew by 4.8% in CC and EBIT margin saw a whopping improvement of 260bps QoQ to 26.2% (an 8 quarter high). EPS of Rs22.5 grew by 20.3%/4.9% QoQ/YoY. In Q2, TCS has secured deals with TCV of US$8.6 bn (including Phoenix Standard Life deal of US$2.5 bn) vs. US$6.4 bn YoY. TCS believes that the uptick in tech spend is structural and the sector is right now witnessing the start of the first phase of a multi-year technology transformation cycle. TCS has announced a share buyback (through tender offer route) of Rs160 bn at...