Satish Ramanathan says: Execution may be a challenge for some infra names, which is why trimming or reallocating profits to more defensive options is being done. In the case of defence, execution and ramping up takes time. In general, there is a slight recovery on the agri side and a recovery in consumption from rural India. Two-wheelers would be an area where the cost benefit is favourable and we also see some benefit coming in from some of the IT names as well, where the risk reward is favourable.