See 20-25% upside in PSU banks: Deven Choksey

Deven Choksey, MD at KR Choksey Shares and Securities feels that one may see 20-25 percent upside in PSU banking stocks in the next 12-15 months.

Deven Choksey, MD, KR Choksey Shares and Securities told CNBC-TV18, "If you look at  State Bank of India from the past all time high of the market, the stock is quoting exactly 50 percent below that all time high levels. So, from that particular perspective if you look at it, there is logic that says that the stock has headroom on the up side."

"If you look at it from the valuation perspective, the valuation on the stock is not too expensive considering the fact that we are likely to see higher amount of gross domestic product (GDP) growth rate going forward and vis-à-vis that because of the rupee remaining on a stronger side probably we will see also the inflation coming down particularly from the fuel oil side and that's where interest rate case becomes very powerful. Given that situation, the stress in the banks balance sheet would gradually come down and should that be the case then the re-rating in the stock has to happen, that's where I believe that many of the public sector undertakings (PSU) banks could possibly start performing ahead of markets and they would get re-rated. I wouldn't be surprised to see the headroom of around 20-25 percent going forward for the next 12-15 months into the stock price in some of these banks even from current levels," he added.

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