Chennai (India), April 02, 2014:

In a chat with ET Now, Mehraboon Irani, Principal & Head-Private Client Group Business, Nirmal Bang Securities shares his view on PolarisBSE –0.78 % and midcap IT space.

ET Now: Do you like anything from the midcap IT space?

Mehraboon Irani: About 10 days ago when the Polaris deal happened, I mentioned that Polaris is worth at least Rs 225-230. There is still value in Polaris now having gone up 10% today, but this value will take some time to play itself out.

People who bought at Rs 150-160 possibly could come and sell right now. But now, at this present rate, Polaris is meant for patient investors. When the company does its restructuring, getting essentials, it will take at least three to five months.

If you want to participate in this, you need to remain invested in this. At 216 levels, if a person is saying he/she wants to buy Polaris for the next one month, then they are little too late.

Over the last one and one-and-a-half month in the market, money has gone out of defensives and gone into cyclicals. The heroes of pharma space - Sun PharmaBSE 1.08 % and LupinBSE 0.70 % - have not performed. Same applies to the names like TCSBSE -0.44 % and WiproBSE 0.05 %. They have not done too many things, but somewhere there is an opportunity.

As far as CNX IT index is concerned, I expect a maximum 3-4% downside, but investors who are feeling stupid of not having bought any front line stocks, have to buy. There is an opportunity somewhere as far as the midcap is concerned. We like Polaris and First Source LtdBSE 4.24 %. We are very positive on those stocks.

About Polaris Financial Technology Ltd

Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Properties for a comprehensive product suite, Intellect® Global Consumer Banking (iGCB) M180. Intellect® is the world's first pure play Service Oriented Architecture (SOA) based application suite for Retail, Corporate, Investment banking and Insurance. Its acclaimed products, solutions and services enable unprecedented operational productivity for the global Financial Services Industry by Building, Maintaining, Expanding and Extending highly complex and Integrated Financial Technology Infrastructure.

This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of the top 10 global insurance companies. The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 11,500 solution architects, domain and technology experts.

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Nachu Nagappan
Polaris Financial Technology Ltd
Mob: +91 89396 19676
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Praveen Malik
Polaris Financial Technology Ltd
Mob: +91 89397 82837