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Ketan Karani of Kotak Securities categorises various stocks as hits or misses on the basis of their earnings this season.

According to Karani, Polaris ranks as a hit. He believes that the company has delivered far better results than what everybody expected. He further adds that this is a good stock, that could become a great stock in future if they keep delivering such results.

Karani feels that Jet's numbers were disastrous. He states that investors should stay away from stocks like Jet, where accounting jugglery happens on a quarter-to-quarter basis.

As regards to BILT, Karani says that looking at the prospects of the growth of its business, it could be an investment buy on a long term basis only.  Karani believes that Petronet LNG is a good story and Petronet in India could be a great stock from the point of view of holding on to the stock.

Excerpts of CNBC-TV18's exclusive interview with Ketan Karani:

Q: Would Polaris rank as a hit for you?

A: Yes, an absolute hit. If you look at the company's last two quarters, they have delivered far better results than what everybody expected. We believe that the BFSI space, where they are working on and their acquisitions in the last two years are now paying for them. So, we believe that this is a good stock and could become a great stock in future if they keep delivering such results.

Q: What kind of a price target would you've because it has run up quite a bit already to Rs 136?

A: Yes, it has run up since the last 3-4 months from around sub-Rs 60 levels to Rs 130 levels. We believe that there is a scope of operation around 50-60% from this current level too. So we are quite positive on Polaris as far as the entire space within the midcap software is concerned.

Q: What about Jet Airways ?

A: Jet's numbers are disastrous, as far as I think. They had a loss of Rs 234 crore pre tax. So this is a very bad result. As far as the airline is concerned, we are quite negative on the entire space of airlines and within that, Jet has delivered disastrous numbers.

This kind of accounting jugglery doesn't  take away anything from the company because if one looks at the next quarter, they should again report Rs 150-200 crore loss. Things are not going anywhere for Jet, they are going from bad to worse. The Sahara deal the status is subjudice so we don't know what will happen.

But as far as the current valuations go, we believe they have paid a very high price for Sahara even if the deal goes through. So Jet is definitely a miss. Definitely, one would like to be away from such stocks, where accounting jugglery happens on a quarter-to-quarter basis. This is not the kind of company that we would like our investors to be in.

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