Deepak Shenoy, founder of Capitalmind is positive about the entire IT pack. Shenoy also said that IT continues to be one of the places where regardless of what seems to be happening to the rest of the economy in India, it doesn’t seem to have affected the revenues to that extent.
Speaking in an interview with CNBC-TV18, he said, “I will be positive on the entire IT pack. However, specifically with HCL Technologies, I do not see any problem per se. It will perform in line with the IT pack, it has done better than the IT pack in the last year in terms of stock price but not so much in terms of financial performance, but it should be one of the bets in the IT pack and don’t overweight bet on one player.”
Talking about financials, Shenoy said, “ICICI Bank is a better bet and I would probably look at Kotak Mahindra and Axis Bank next and HDFC last, not for any other reason but that’s my pecking order.”
“At this point stick with stronger financial companies rather than companies which see potential NPAs going up because the market is not going to give them a lot of room given where things are going to be,” he added.
For entire interview, watch the video