Prefer PNB: Mahantesh Sabarad

Mahantesh Sabarad, Deputy Head-Research at SBICap Securities is of the view that one may prefer PNB.

Mahantesh Sabarad, Deputy Head-Research at SBICap Securities told CNBC-TV18, "RBI's action in a way was surprising because it has not happened typically along with the monetary policy discussions that the Governor has but having said that it is only 25 bps rate cut. We expect that as we go into the year FY16 and towards the end of FY16 we should see another 75-100 bps rate reduction. So from a fundamental perspective it makes a lot better or lot more sense for most banking stocks because their cost of fund will start falling down and hopefully we will see a kicker coming in, in terms of credit growth."

"So within the space of bank we like  PNB . On valuation perspective it's just about trading at one time book or slightly below one time its book value and we think that as credit growth revives going into the next year, PNB will be among the forefront. It has had a weak credit
growth in the past three years. So it will accelerate very fast in this environment relative to its peers," he said.

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