HCL Tech may test Rs 1960, says Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Strong set of numbers that HCL Technologies came out with and post the run up the risk reward stands very much in favour of HCL Tech at the current juncture though Tech Mahindra has given a decent set of number. I think valuations are somewhere that we are not comfortable for Tech Mahindra. The kind of staggered wage increases that one saw in the LCC integration would have some amount of ripple effect going forward as well."

He further added, "HCL Tech would still continue showing robust earnings growth, we are still maintaining a target price of Rs 1960 on that. However, purely in terms of an upside Infosys still in our opinion presents a decent opportunity for long-term investors on declines. I think valuations are not too expensive and probably the scope in terms of headroom is far greater for Infosys at this current juncture."