Prakash Diwan of Altamount Capital Management told CNBC-TV18, "What has happened is post the Wipro buyback announcement which preceded the Infosys buyback though they seemed to be getting executed very close to each other, so Wipro took much longer to happen. A lot of people lost patience when they saw that Wipro took so long to get its approvals and get ahead with it and the final number that you saw in Infosys in terms of outstanding interest just entering for the buyback was much lower than what it started off with. Which meant that all the short-term buying which was slightly opportunistic had already faded off in that Rs 900-925 zone."
"The people who are there for the long term they have already factored that they will tender some shares to buyback, make some money on it. So, net-net your cost of acquisition of Infosys shares when you are holding is much better from a risk reward perspective and the way things are looking up I think look at IT as a turnaround into the whole sector and come February which is four months away right now or three and a half months away but a lot of things will be very positive for this sector given the fact that the Trump administration could possibly get through with its tax cuts. If that happens a lot of company which have been waiting to expand in terms of spending, projects and all that will see a whole slew of announcements related to new contracts come along further bigger players."
"I am very clear that IT is on a little bit of a turnaround mood of sorts and Infosys will not take time to kind of get re-rate again positively. The CEO’s news is only going to add to the momentum. It has got some good stuff going positive headwinds. Whether this is a good level to buy in, I think I would be better buying Tech Mahindra
or maybe TCS
if I go with a largest place or a small player like Sonata Software
but not necessarily Infosys
at this point."