Remain invested in ICICI Bank: Tulsian
Published on Wednesday, October 1st, 2008 at 7:35 AMAuthor: admin (5507 Articles)
Investment Advisor SP Tulsian is of the view that one should remain invested in ICICI Bank.
“I am unable to accept the valuation of ICICI Bank below Rs 500 though we have seen that piercing that level. But if you see its financial performance, even if we go by the core banking operations, the share is ruling at a PE multiple of close to 15 and I am not going by all those parameters. Ultimately one needs to consider the problem which is being talked in the market but if you see the subsidiary valuations and I do not think that these kinds of problems can really take a way the valuations beyond a point, which has already happened to the extent of 50%, if you take a peak of Rs 1,000 also for the stock.”
He further added, “Definitely PSU banks are defensive and well regulated in terms or perceived to be more conservative. But ICICI Bank because being the growth path, they have seen some problems in their overseas subsidiary. But beyond Rs 500, I do not think there is any need to panic and no need even to exercise the stoploss and just remain invested.”
Source : MoneyControl
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