See good returns in Hexaware, says Vivek Mavani

See good returns in Hexaware, says Vivek Mavani, Vice President & Senior Portfolio Manager, Brics Securities.

Mavani told CNBC-TV18, "Some of the frontline IT whether it is Infosys, TCS or HCL Tech have declined almost 15 to 18% over the last one month. The fall in the last week has been far sharper in excess of 10% itself. It is on concerns because bulk of the revenues of the IT sector comes from US. Almost 80% of IT revenue for the Indian off shoring comes from the US. In case of TCS, it is less. But, I am talking of broad brush industry average."
He further added, "Valuations have corrected so has the growth outlook now has put a question mark. Two- three stocks look interesting from the valuation perspective and growth is not much of a concern at least for now. If there are concerns going ahead then one may have to change the view. In the frontline, HCL Tech has fallen significantly almost 20% from the peak from the valuation point of view.
In the last few weeks among the front line, HCL Tech and TCS look interesting. Among the midcap, I would put Hexaware as a dark horse which could give some good returns."