Rajen Shah, CIO, Angel Broking shares his view on State Bank of India (SBI).
Shah told CNBC-TV18, "We have booked out of SBI, we entered very early around Rs 1700 levels and we did book profits around Rs 2180 levels or so. But I think what the MD said after the results were declared that the worst is over probably I think that may keep the stock in some action for a while."
He further added, "The statement was very clear that the worst is over for SBI. So, the statement was very clear that the worst is over for SBI. All the asset issues are behind. so, I think that has lifted the sentiments of the stock today and may be it could go a little up from here on, but I think one space which is related to banking, sort of finance which we are looking at very closely and where we have built up some positions is insurance business. I think that 2012-13 could be a year where HDFC Standard Life could come out with a IPO and I think that would re-rate many of the companies which are into insurance business be it Aditya Birla Nuvo or Max India or Bajaj Finserv, we have built up small positions in Aditya Birla Nuvo and Bajaj Finserv. I think even the FDI in insurance also could be hiked."
