Hold ICICI Bank, buy Ajanta Pharma on dips: Rajesh Agarwal

Rajesh Agarwal of AUM Capital told CNBC-TV18, "I think one should hold on to ICICI Bank because there are short-term headwinds, short-term problems no doubt because of slippages, concern over quality of assets and all those things. However, going forward, with the kind of branch this has, 4,500 plus branches, and increasing share of retail business, we feel once the economic recovery takes place then it would be much better."

"As far as current quarter numbers are concerned, we think the numbers are going to remain strong due to low base, but the concerns over quality of assets and slippages remain. We would like to have a look at the management view towards high exposure accounts. However, all-in-all, for a long-term investment, one should hold on," he said.

"One should buy Ajanta Pharma on dips because fundamentally it is a strong stock. It has been doing well in the anti-malaria segment and recently their Dahej facility has been cleared by US FDA. We expect domestic business should do well and further filing in the US markets to continue in the next two to three years. Going forward, 20-25 percent jump from the current market price is quite possible in the next one year or so. Any dip in the stock price should be taken as an opportunity to add to portfolio."