PN Vijay bullish on IndusInd Bank

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PN Vijay bullish on IndusInd Bank

PN Vijay, Portfolio Manager, www.askpnvijay.com is bullish on IndusInd Bank.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by PN Vijay See what other Experts & Brokerages are saying about IndusInd Bank See messages about IndusInd Bank

PN Vijay, Portfolio Manager, www.askpnvijay.com is bullish on IndusInd Bank .

Vijay told CNBC-TV18, "I have been buying IndusInd Bank continuously last 3 years. The management has done a remarkable job in turning that company, it's credit position, it's really a dream comes true story in Indian banking and I am not going to change that tune. I continue to hold even inspite of the sharp rally it's seen. On the relative performance of private sector banks and public sector banks, the market has sort of almost divided them into two industries as if private sector banks go in helicopters and public sector banks in some auto rickshaws or something, I don't really subscribe to that view."

He further added, "There are some public sector banks, which have a balance sheet pressure, but being very much involved in this business as a player in the corporate debt restructuring business also, I think the present level of fear and anxiety about a blow up in the NPAs of public sector banks is absolutely overdone. I think when the results come out you will see that their NPA increase has been very minimal indeed, but that's what sentiment is and one has to look at sentiment seriously. In this point of view, I would go out and say that I would rather book some profits, which I have made in the private sector banks, I am going to a Bank of Baroda for example, which has got an exemplary balance sheet and I would argue better than many other private sector banks and get into that at this level and basically fundamental analysts are contrarians, they look for values where there is fear, so I would not join the bandwagon of dumping all the PSU banks and would be quite selectively buying them."