The first company in midcap IT space is Zensar Technologies. It has had quite a bit of a run but again demonstrated topline growth even through 2008-09 period – margins have been expanding, net cash balance sheet and trades at really low multiple of mid to high single-digits. As we have seen from the results from Infy, things aren't as bad as people had thought and if anything they might be getting better.
So Zensar is one that I like. You could see it somewhere between Rs 500-550 per share. This is what I think its worth – demonstrable upside from here.
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