Stock market expert SP Tulsian of ‘Sptulsian.com’ spoke with CNBC-TV18 on the fundamental side of the market as well as specific stocks and sectors.
Speaking about Kotak Mahindra Bank earnings, Tulsian said, “Overall I am happy with the numbers. I don’t think that the correction which we have been seeing in the share price should be read more in context to the result outcome. If you really take a call, the share is seen close to its 52-week highs, it has risen quite a lot in the last couple of months. If you see the corporate and the retail EBIT, both have performed quite well. Overall one can take that the numbers are seeing to be better and the correction or profit taking should be used as a buying opportunity.”
About IndusInd Bank, he says the caution is there because the results have got delayed. “IndusInd Bank always used to be the first along with the IT companies to declare their quarterly numbers. This time no dates have been announced and that is going to send shivers down the spine. Probably we can see the shockers we have seen in the case of Yes Bank. People in fact are taking extremely cautious view that a similar kind of treatment may be seen given by IndusInd Bank also in terms of the slippages or may be in terms of provisioning.”
He further added, “People would like to hide in safe places, maybe like HDFC Bank. And now after HDFC Bank good numbers, probably we will be seeing the exposure being taken in Kotak Mahindra Bank also.”
Regarding Yes Bank, Tulsian said, “We have been giving a call at about Rs 180-190 a couple of months back and it moved to a level of Rs 270-280. From Rs 250-260, we started giving the profit booking call and definitely this is an overreaction. I have a lot of confidence in (Yes Bank CEO) Ravneet Gill and he has taken a conscious decision of cleaning the books. People fear that this maybe a partial cleaning of the books. This stock is giving an excellent opportunity to buy, may be at a level of about Rs 167-168 at which it has been ruling so any level below Rs 170 qualifies the buy.”