Prefer HCL Technologies, says Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "The top tier IT companies is something that we continue to prefer at this point of time. Within the top tier IT names, our own take is HCL Technologies can perform exceedingly well over the next few quarters. Dollar and rupee growth can be in excess of 13 percent and valuations are looking extremely attractive, total contract value (TCV) deals, again, the expectation largely is in excess of USD 1 billion is expected to come through.""Clearly, they are in the right phase at this point of time, engineering services as a contribution to the overall topline is increasing, that is a high margin business and if that shows signs of improvement, I think the numbers will be far greater in proportion terms to FY'16 on an FY'17 basis," he said.