In an interview to CNBC-TV18, Jignesh Shial, Banking Analyst at IDBI Capital shares his views on the government's announcement of the change in PSU banks' chiefs selection process.
In an interview to CNBC-TV18, Jignesh Shial, Banking Analyst at IDBI Capital shares his views on the government's announcement of the change in PSU banks' chiefs selection process.
Below is the transcript of Jignesh Shial's interview with Anuj Singhal and Ekta Batra on CNBC-TV18.
Ekta: First wanted to start by asking you on the PSU banks Chief selection process that was announced by the government last evening, how did you read them from an analyst point of view and would it all change your expectations in terms of key parameters from a couple of stocks say such as likes of Bank of Baroda ( BoB ) as well as Punjab National Bank ( PNB )?
A: It is definitely a positive move that the government has gone forward with. To change our view is something that is a little premature but it is a positive movement and it is a positive move that the government has taken and more professionalism or more transparency is coming into the appointment of the Chief of these banks. In the long-term this would give a fruitful advantage to these banks.
Anuj: Both PNB and BoB have been de-rated after the numbers last quarter, do you think time has come to take a look at some of these stocks again?
A: As I said this move is positive but it won't affect the earnings for at least next couple of quarters or even a year. The reason for this de-rating or the way stock has been actually pushed down or punished is the reason of uncertainty which is still prevailing in the market about asset quality trends of this bank. All these banks Executive Directors have guided for at least one or two quarters of stress coming in. The second issue is growth, there is no credit growth coming into the system. So till that is there I don't think so the stock should start moving up again unless there is something very positive coming in.
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