Enter Punjab National Bank at Rs 1000, says SP Tulsian of sptulsian.com.
Tulsian told CNBC TV18, “All the banking stocks have taken a beating and in fact the culprit for a fall in Punjab National Bank (PNB), I attribute the reason of SBI because after SBI, PNB is the second largest PSU bank. So if you see the value getting eroded or destructed in case of SBI obviously the same fate is happening for PNB but I don’t think that there is any heart to lose in this because if you go by the present price multiple, it is ruling on a historic price to book of 1.5 on historic earning that is for FY11 they have posted an EPS of Rs 145 so that translates into a PE of about 7 which are in my view is quite reasonable for this kind of banking stocks, PSU banking stocks because all the midcap PSU banking stock have been ruling at PE multiple of 5 and price to book of 1 so those.”
He further added, “Who have been holding the stock I advice him to remain invested with a view of couple of months and those who want to add below Rs 1,000 maybe a good idea to enter into this stock.”
He further added, “Who have been holding the stock I advice him to remain invested with a view of couple of months and those who want to add below Rs 1,000 maybe a good idea to enter into this stock.”
