Here are Santosh Singh's top trading ideas

Watch the interview of Santosh Singh, Analyst - BFSI of Societe Generale with Anuj Singhal and Ekta Batra on CNBC-TV18, in which he shared his reading and outlook on market and specific stocks.Below is the verbatim transcript of Santosh Singh's interview with CNBC-TV18Mahindra & Mahindra Financial Services"Mahindra & Mahindra Financial Services is a contra call for us because I do not know how many people are buyers of the stock, but, we are. I like the story quite a lot from here on because it is trading at stressed valuations. It has not traded at these valuations and for right reasons because the non-performing loans (NPL) are at eight percent for the company, it is not expected to come down may be for a quarter or so." "My view is very clear that rural is one area where even government is focused on. Rural infra is going to play a crucial role. And on that front, what you would see is that the vehicle industry is going to do well in rural India and if that is the case, Mahindra Finance is the top company in that particular space. And the volatility with rural India is always there," he said. "The volatility is always there and hence the revival is also as sharp as the decline. My view is that the losses are never high in rural India. It is gross NPLs which are high. So, you are not going to see a lot of credit loss, it is not going to be eight percent credit loss. You can see this volatility in gross NPLs, but ultimately on a three year basis, or a four year basis, my view is one and a half percent credit costs is what we are looking at," he said.HDFC Bank & ICICI Bank"Our top picks are HDFC Bank and even in the recent fall, ICICI Bank. These are two of our top picks. Our view is that the infra pick up which people have been talking about is not going to be as sharp as everyone had been expecting. In that particular scenario, HDFC Bank is one of the players which has not got that big an exposure to infra. If there is any revival in the economy, HDFC Bank has the retail book which is geared towards some cyclicals. It is not so much of a home loan company. So, it is the one which we like quite a lot.""We know what ICICI Bnak's exposures are. But at the same time, our view is that over a three year period, it is going to be 15-17 percent return on equity company. Definitely, Axis has done better in terms of quality for last three years. They have done much better than ICICI Bank. But, the valuations, the way they have moved up, the gap between Axis Bank and ICICI is almost like an all-time high. So, that is what makes me more bullish on ICICI Bank," he said.