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Sell GSS America Infotech: Agarwal
Rajesh Agarwal of CD Equisearch is of the view that one can sell GSS America. Although the issue was attractive at Rs 400 but at the current price it seems to be over prized because the entire revenue or rather the bigger part comes from America and since the US is in the downtrend so these IT stocks are going to be hit.
Agarwal told CNBC-TV18, "Although the issue was attractive at Rs 400 but at the current price, GSS America Infotech seems to be over prized because if one look at the fundamentals, the entire revenue or rather the bigger part comes from America and since the US is in the downtrend so these IT stocks are going to be hit. If one look at the valuations per say, its trading at around 19-20 PE, which is as good as the PE of TCS or Infosys, so why would one invest in GSS America. If at all one wants to be in IT Stock, I would suggest getting out of the IT space as such, so I would suggest a sell on GSS America."
Disclosure: Analyst doesn't have any personal positions but his clients/company may have positions in the above stock.
