In an interview to CNBC-TV18 she says that despite disappointing numbers in the pharma space for June quarter, she would still go ahead and accumulate these stocks.
Verma continues to be disappointed with Infosys despite its 4 percent volume growth sequentially. "At this point the one company that we continue to like is HCL Tech . I also like Tata Consultancy Services (TCS)," she adds.
She prefers waiting for the IT pack as there is still a lot of clarity required with respect to the outplacement clause in the immigration bill.
Below is the verbatim transcript of Sanju Verma's interview on CNBC-TV18
Q: Are you surprised by the market behavior we had this week? Some of the erstwhile stronger stocks were falling, while some of the beaten down counters were having a bit of a dead cat bounce.
A: I was not particularly surprised by the market direction, but by the ferocity of the fall earlier this week thanks to the systemic crisis in the National Spot Exchange Limited (NSEL), the spot exchange for commodities. It again brought out the regulatory risks that a lot of the intermediaries, market participants have to embrace and grapple with in the most challenging times when you least expect such a systemic crisis to be thrown at you.
So, its unpredictability spooked the markets.
The earnings trajectory so far has been far from flattering. Even pharma for instance, be it Dr Reddy's or Sun Pharma or even Ranbaxy for that matter, it is always whether you look at it as glass half full or half empty. However, considering sheer numbers, they have not been great. Dr Reddy's for instance lost 5 percent the day it announced its numbers because of a dismal 13 percent growth in sales. Hindustan Unilever Limited (HUL) reported just 4 percent growth in volumes given that most market men were expecting anything in the region of 5-6 percent but that did not happen.
The bellwether within the fast moving consumer goods (FMCG) space which has been holding up all this while the net sales growth for the cigarettes wing stood at just 7 percent and overall net sales was a measly 10 percent. It is the lowest in the past couple of quarters.
Also, market has been spooked because nobody is expecting anything significant by way of earnings traction from cyclical's. Defensives too don't seem to be holding up well. The recent numbers from the pharma space sort of bear that out. So, it is a mix of various things not to mention the most important being the fact that from 61.2/USD on July 8 to today we are still almost at about 61/USD levels despite the spate of measures taken by the Reserve Bank of India (RBI) since July 15.
All that we have achieved is money market yields tightening by 300-400 basis points. Liquidity getting scarcer, money getting more expensive but the currency is still playing spoil sport because the RBI seems to have forgotten that while it can curtail speculation domestically in the onshore Futures market, the non-deliverable forward market is beyond its ambit.
Don't forget that it is non-deliverable forward markets where on a daily basis USD 6-7 billion worth of currency transactions take place in terms of rupee-dollar swaps.
The RBI has little that it can do. Rather than effectively communicating it has been just blabbering and creating a lot of noise adding to the already dismal sentiment prevalent today.
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