Book partial profits in Tata Elxsi: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Tata Elxsi has been on an upward trajectory over the past few weeks. It is into system integration which comprises around 89 percent of its revenues and 11 percent comes in from product services and development."

He further added, "The stock has been reacting because 78.8 percent of its revenues comes from overseas and the depreciating rupee aided its margins as well as profit after tax (PAT) performance. Going forward the whole thing will be dependent on how the discretionary spending pans out for the company."

"Since it’s a cyclical kind of business, I think our expectation will be that possibly the stock might face resistance if it moves up another 5-8 percent. In that sense one should take partially some money off the table and then possibly wait for decline on the stock or look at the parent company, look at Tata Consultancy Services (TCS) or HCL Technologies on declines, which can give better returns over the next 12-18 months," Joshi said.