Stay invested in IT stocks: Choksey

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Stay invested in IT stocks: Choksey

Deven Choksey of KR Choksey Securities is of the view that one should stay invested in IT stocks as there is nothing wrong fundamentally and most of the companies like Infosys, TCS, Satyam and Wipro are on a growth PE. The only threat, which everybody knows is about the rupee appreciation and that make little uncomfortable, he added.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other Experts & Brokerages are saying about Infosys See messages about Infosys Infosys BSE | NSE 28/05/12 Are Mutual Funds betting on Infosys? Other Stocks in this news Mahindra Satyam | Tata Consultancy Services | Wipro |

Deven Choksey of KR Choksey Securities is of the view that one should stay invested in IT stocks as there is nothing wrong fundamentally and most of the companies like Infosys, TCS, Satyam and Wipro are on a growth PE. The only threat, which everybody knows is about the rupee appreciation and that make little uncomfortable, he added.

Choksey told CNBC-TV18, "There is nothing wrong fundamentally in IT stocks and that is where we tell people that if you are holding on to your investments in IT. We don't recommend getting out of IT at this point of time because what we have seen is particularly most of the companies starting with Infosys , TCS , Satyam and Wipro , these four companies on a growth PE. If you look at it- they are quoting at less than 1 and that makes a case for staying invested in this company."

He further added, "In my viewpoint the IT bellwethers particularly Infosys will definitely will have growth to talk about even in FY08-09 given the kind of four quarterly positions that they are making at this point of time."

"The only threat, which everybody knows is about the rupee appreciation and that making us little uncomfortable. We are not aggressively recommending this stock at this point of time though for a short-term we may get some amount of upside thus we are recommending some of the traders to play around. If they want to buy at the lower levels, we recommend them to buy at lower levels, to book some profits at higher levels, but otherwise investors need not worry those who are invested." 

Disclosure: It is safe to assume that analyst & his clients have interest in the above stocks/sectors.