Here are Girish Pai's stocks ideas

Watch the interview of Girish Pai, Head of Research at Nirmal Bang Institutional Equities with Sonia Shenoy, Anuj Singhal and Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors.Below is the verbatim transcript of Girish Pai's interview with CNBC-TV18Infosys"We have an accumulate rating on Infosys and our price target is very close to Rs 1,190 or thereabouts. From a revenue growth standpoint the company did surprise from Q1 standpoint, so we had to upgrade our numbers and our target price as well as our rating on the stock, but going into FY'17 we are not as sanguine on revenue growth as others are on the street. We think that revenue growth will not top above the 10 percent number for FY'17 whereas the rest of the street is expecting low teens to mid teens kind of a number coming through. That is where the difference exists between us and the street.""We do not expect any great upside from here unless the company surprises in terms of Q2 revenue growth constant currency upwards of 4.5 percent and coming out and saying that second half of FY'16 is going to be fairly strong which has not been the case for many years now for Infosys. So, unless it comes out and gives great commentary for second half of FY'16, we are not going to change our numbers materially," he said.HCL Technologies"Market tends to react very violently especially on IT stocks, specifically if you look at how Infosys reacts when there are disappointments. However, what one has seen in HCL Technologies is a marginal cut anywhere between 1.5 and 3 percent from earnings per share (EPS) standpoint for both FY'16 and FY'17 but the stock is seeing 15-20 percent cut. What the company has announced for this quarter in terms of the one-off is one-off aberration and should not be continuing going to the quarters ahead. We think HCL Tech should be delivering a total contract value (TCV) of upwards of billion dollars and if that is the case, I do not think growth is going to be so much of an issue for it.""The way the stock has reacted to what has come out from the management is an opportunity to buy. HCL Tech has come off quite a bit. So we have a price target of Rs 990 odd, there is a fair bit of upside that we are seeing in the stock. So HCL Tech and to an extent Infosys with modest upside is what we like within the sector," he added.