LONG TERM TRADING TIPS FROM ANGEL BROKING - IDBI Bank has target of Rs 195-200

IDBI Bank has target of Rs 195-200, says Phani Sekhar, Fund Manager, Angel Broking.

Sekhar told CNBC-TV18, "IDBI Bank is one of those few midcap public sector banks that I like because it happens to be a turnaround case and we have been seeing that the bank has met with remarkable success in its strategy albeit the growth has been moderated below the industry averages but having said that I think next year is going to be crucial as far as the growth is concerned, business quality issues have more or less been sorted out and I think that is discounted in the price."

He further added, "Although at the same time, I must mention here that the street is also factoring in a smart recovery in next year. The only risk here is that if the growth doesn’t come back beyond Q2, I think that there might be some disappointment. But having said that, I think it is worthwhile to hold this bank because the valuations are inexpensive when you compare it with some of its peers. So I would say that maybe over one year timeframe one can expect a target of around Rs 195-200."
SOURCE: MONEYCONTROL

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