Tirthankar Patnaik of Religare Capital Markets told CNBC-TV18, "If you have to take a long short trade as our IT analyst would say that you would ease out of TCS and go into Infosys. But from a portfolio perspective we remain partial to IT. TCS numbers were a tad below expectations, not too much, HCL Technologies for instance had much better numbers in terms of dollar volume growth on a sequential basis. In terms of valuations as well, TCS at north of 20 times is not a cheap stock vis-a-vis the rest of the space which is about 16-17 times. So there are near-term returns to be made in terms of getting out of TCS."
He further added, "We will also get out of Wipro. There also the numbers are not likely to be good. TCS and Wipro have a decent amount of India exposure; so about 8-9 percent of revenues and that is where we want to see - you saw the guidance with TCS, there is a little bit of a Brazil, Russia, India, China (BRIC) scenario happening over Q4 and which is why one would prefer Infosys and HCL Technologies over TCS and Wipro at this point."
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