Jitendra Sriram overweight on L&T, IL&FS Engineering

Jitendra Sriram, MD & Head of Research at HSBC India told CNBC-TV18, "From an election perspective there is some repositioning across money managers believing that the next clear focus has to be to try and turn around the investment cycle. The second is obviously the kind of rupee depreciation that has happened in Q2 in the Indian markets, which obviously brings a lot of capital goods into a much more competitive age versus the Korean or Chinese peers in other markets."

He further added, "In Middle East we have done some work. I believe that the Indian E&C contractors are now far more competitive then their Korean counterparts. So I would expect that it will come with a lag effect but the fact is that this rupee depreciation will make Indian manufacturing a little bit more competitive than what it was in the past."

"We do like a few names there, L&T is one name where we are overweight on. We do like IL&FS Engineering which is again a name that we are overweight on," Sriram said.