Indian IT Stocks Not Yet Bargain Buys, Says Bandhan AMC's Manish Gunwani

• Manish Gunwani of Bandhan AMC states Indian IT stocks are not bargain buys despite corrections, citing AI's impact on coding.
• He notes global peers like Accenture and EPAM Systems appear cheaper than Indian IT firms.
• Gunwani flags currency risks, suggesting the benefit from rupee depreciation for the sector is dissipating.
• He advises caution, stating it's "a bit too early to jump in" to the IT sector due to AI's direct impact on coding, retraining challenges for large workforces, and global investor alternatives.
• Gunwani sees bigger opportunity in Indian manufacturing over consumption, expecting improved earnings in FY27 and potential for 6-7% real returns from markets at fair value.