Dipen Shah, Senior VP & Head-PCG Research at Kotak Securities is of the view that one may prefer State Bank of India from the PSU banking space.
Dipen Shah, Senior VP & Head-PCG Research at Kotak Securities told CNBC-TV18, "We think that the stock price on PUS banks have moved up quite a bit whereas the fundamentals, we do not see too much of an improvement there. The rally has been once again on hope that the growth rates will improve and the NPAs will come off but as far as the PSU banks are concerned, we still see that the NPA levels are not yet reduced also the corporate sector, the credit growth is yet to pickup in a big way."
"On the other hand if we see that most of the banks will be in need of capital with a view to meet the Basel II norms and that will put some further pressure on the banks in terms of raising more capital, so these are some of the issues which we think will impact the performance of the PSU Banks going ahead and especially after the stocks have moved up quite a bit between 10-20 percent, we would rather wait and watch for some decline before accumulating these stocks," he added.
"Within that SBI looks to be the better pick largely because of the recognition of NPAs which has already happened, they have been pretty aggressive in recognising NPAs. So, within that space we will go with SBI but otherwise we would rather prefer private sector banks to PSUs as of now."
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