Aug 29, 2013, 05.14 PM | Source: CNBC-TV18

Buy SBI, says Rajesh Agarwal

According to Rajesh Agarwal, Head of Research at Eastern Financiers Limited, one may buy State Bank of India (SBI).

Rajesh Agarwal, Head of Research at Eastern Financiers Limited told CNBC-TV18, "If one is ready to wait for one year to 18 months down the line State Bank of India (SBI) can be invested in. As far as the right point is concerned because we are seeing lot of selling pressure in banking space, there might be some more downside left to that.”

“But going forward with the kind of fundamentals the bank has, there are concerns on NPAs being increased but that has already been discounted in the price at Rs 1,495-1,500. So I think it is very good entry point. First quarter income was up. Only the problem was NPAs. So one can invest in SBI,” he added.

Disclosure: I do not have personal holdings in the above stock but may have recommended them to clients.

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