Abhimanyu Sofat VP-Research, IIFL said that we are positive on Infosys and MM Forgings.
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Speaking on Infosys he said, "40 percent price increase is extraordinary for a stock like Infosys. Having said that the US BFSI segment is showing some signs of greenshoots which is likely to be a big beneficiary for Infosys and for that particular reason we believe that Infosys among the large caps could be part of your portfolio."
"The way currency has been depreciating recently it would make sense to own such companies which have high amount of cash on their books. So, I would say that IT should be one overweight sector and within that among the large cap Infosys would be a preferred stock to own relative to Wipro or TCS," he added.
Speaking on auto ancillary space he said, "Auto ancillary is a good space to be in considering that the currency is also depreciating and the domestic commercial vehicle industry is also doing pretty good."
"We are bullish on MM Forgings which has a large part of business in exports. Also it is the key supplier on the HCV side to players like Ashok Leyland as well as Tata Motors. The capex cycle is what the company is now entering into after slow and steady capex mode till recently. The company is doing pretty well and with lesser competition happening with Amtek Group going under its issues, I think MM Forgings could be one interesting stock to look at,"he added.
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