Buy Larsen and Toubro, prefer GMR Infra: Mehraboon Irani

Mehraboon Irani of Gini Gems Consultants told CNBC-TV18, "I personally do believe that infrastructure, as a space has to go a long way. You need to be gung-ho on this space. The point is over the last few years, quite a few of the infrastructure companies including some of the road companies have gone through serious problems as far as balance sheet goes. Quite a few of them are working on the deleveraging part."

"Among all the particular companies, quite a few of them have already moved up, what should one buy, I would say the best proxy for the engineering heavy machinery, capital goods, infrastructure space, a stock which I have turned positive over the last few months, after being negative for many years is Larsen and Toubro."

"If one does not understand to choose and pick, just go and buy Larsen and Toubro. But, among the other names, among the beaten down names which I have turned positive and recommended maybe a few months ago is GMR Infra."

"I personally believe that the airport maintenance part could be demerged one fine day and become a different company and have a different valuation. I have been recommending this stock when it was around Rs 11-13 and even at the present level of Rs 18, I still feel the stock has a long way to go," he added.