Hold Blue Star, positive on Symphony: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "The movement on Blue Star has been exceptional over the past few weeks and months. With the stake sale that has happened in Blue Star Infotech, that amount of cash will come into the balance sheet which will again drive earnings in a significant way. The under penetration in terms of AC as a white good component is significantly lower compared to what we have seen in other countries including China."

"So, there remains a huge scope in terms of what can happen in terms of penetration going forward and similarly even if you adjust for input cost inflation, the margin should get sustained as prices get passed on. Largely again, Blue Star is something that I will still recommend investors to hold on to," he said.

"As far as Symphony is concerned, they follow a very asset light model. Outsourcing is a key component in the model they probably do. The kind of receivables that they get upfront payments, that probably keeps their working capital cycle in a deal of check and as people are moving up the value chain and the kind of products that Symphony has introduced, the wall-mounted air coolers have been a significant amount of hit. The price points are much lower than what they probably are witnessing as compared to air conditioners.""

"So as people start moving up the value chain, across semi urban and rural areas, my own sense is that the discretionary demand for air coolers will keep on going up. So, symphony again is a clear beneficiary on that fact. The international business on the distribution side might just get a little bit tampered in terms of what might happen as far as core numbers are concerned, but overall, the consolidated numbers might appear still better on a year-on-year basis going forward. If one really has a couple of years view, yes, I also maintain a very positive bias towards Symphony as a stock," he said.