Buy private sector banks on decline: Dipen Sheth

Dipen Sheth, Head-Institutional Research at HDFC Securities told CNBC-TV18, "The temptation is to pounce on the public sector undertakings (PSU) banks. We like them when they were 1 time book or adjusted book, we like them more when they were 0.9x or 0.85x and now things like Oriental Bank fell to 0.5x adjusted book. This could be illusory, I am not specifically talking of Oriental Bank, but what can happen is that as the economic cycle toughens in India over the next one or two years, I suspect it will, we are in a different growth trajectory now."

"Some additional non-performing assets (NPA) accretions could happen to adjusted book value, which might make the current price by adjusted book values revise significantly upwards and the same price levels for the banks. So, I would still say that private bank should be bought on decline. There are some very capable names there. Not all PSU banks are relatively incapable, nor are all private banks relatively capable. But with some intelligent stock picking, the leaning should be still towards private banks, he added.

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