Prefer L&T on declines: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Clearly most of the stocks that we probably liked or recommended probably have moved up or met their target prices. To name a few, something like Sadbhav Engineering, something like MBL Infrastructure have probably exceeded their target prices that we had set out at the beginning of the year. So, the rally has been quite robust when it comes to the infra space overall. Whether these companies might actually, time will decide when the earnings probably come out over the next few quarters but probably within this space itself infrastructure/construction, we will be still bullish upon Larsen and Toubro but declines would be a better way to enter the stock."

"For L&T, the results have not been encouraging in the quarter gone by so clearly all their sub-segments have disappointed, engineering, hydro carbons and the revision of the order book on the down side. That probably indicates that the kind of flows that the company is witnessing, the tepid flows in terms of both order wins and tender execution, but as the economy recovers over the next few quarters and the investment and the capex cycle kicks in, L&T should be a clear beneficiary. So probably within the space itself, L&T from the large tier names would be a preferred pick but again on declines," he said.