On similar lines, Shashi Bhusan of IDFC Securities, in conversation with CNBC-TV18, said that the downgrade in the overall growth expectation in the IT sector has been in the range of 3 to 5 percent for most of the companies.
The regulator had probed the dealings of Ritesh Properties' scrip for the period from July 14, 2006 to May 20, 2008 as there was a steep jump in prices. It was found that huge revenue was recognised by the firm from the real estate projects announced even as they were not constructed during the relevant period.
Mithil Pradhan of Violet Arc Global Managers recommends investors to continue to stay invested and buy on dips. He is bullish on stocks such as Cipla, Biocon, HUL, LIC Housing Finance and GIC Housing Finance. He also likes the midcaps space, especially names such as Arvind and PVR.
Limited upside in Mphasis from the current level, says Shashi Bhushan, Prabhudas Lilladher.
IT analysts Sandip Agarwal of Antique Stock Broking and Shashi Bhushan of Prabhudas Liladhar say that the TCS Q4 results have been a houseful but they is doubt on the room for margin growth post Q4.