Pick Hexaware Technologies, says Kunj Bansal

Kunj Bansal of Centrum Wealth Management told CNBC-TV18, "One of my midcap picks is in the IT sector which is Hexaware Technologies. For the quarter, inline with almost all the other industry players, the company has not reported much of a growth. However, at the current price of about Rs 240, the company has 4 percent dividend yield. So, to that extent, not only that it is a defensive sector and protects downside, the dividend yield also protects the downside.""At the current valuation it is forward PE ratio in the range of 13-14 depending on what EPS and growth expectation you have. With the return on equity 30 percent plus, I think this is one of the stocks. In the last three days when market has been falling sharply, this stock has not fallen at all. So, that also shows the strength in the stock in shorter term as well. While there may not be shorter term returns but it offers protection along with expectation of return over a medium to long term," he said.