TCS a top pick in IT space: Abhijit Chakraborty

TCS is a top pick in IT space, says Abhijit Chakraborty, Sr. VP- Institutional Equity, Fortune Equity Brokers.

Chakraborty told CNBC-TV18, “Hexaware if you notice they have been performing extremely well over the last several quarters. It has actually been a star performer in terms of operational performance within the midcap space. And among the larger ones if you see TCS has come out with excellent results and they have guidance and optimism for future. It is not as bleak as Infosys has been predicting. So it has been a patchy kind of thing.”
He further added, “One can get excited about the fact that rupee has come to this level and that has positive impact on them but also on the balance one should look at the kind of demand scenario and the pricing scenario which is evolving in the US as well as the fact that Europe could also throw out certain surprises as far as demand is concerned or cross currency impact on margins is concerned. So all in all I think it would be more of a steady kind of a thing. One cannot take a bet on the IT counters purely because of the rupee movement and having said that I think Hexaware continues to look good. So I think there is some corporate action also which is expected on that counter apart from the fact that we will pick TCS as our top pick in the sector.”