IT stocks cheaper now; Investec Capital’s Mukul Kochhar sees buying opportunity

Mukul Kochhar, Head of Equities at Investec Capital Services (India), says IT stocks have corrected from about 20x valuations to more reasonable levels, with large caps likely to grow 4–6%. He believes AI fears are currently overplayed and is turning selectively constructive, advising accumulation near pre-COVID valuation bands of 13–14x. On markets, Kochhar sees Nifty fairly valued at about 20x with 11–12% earnings growth, suggesting India is not a “brave trade” but a constructive one.