Buy Karnataka Bank on decline: Kulkarni

Buy Karnataka Bank on decline. One can expect a target price of Rs 170 in the stock over the next six-eight weeks, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, "Karnataka Bank is a good stock and going forward one can look at buying into the stock. If you look at a weekly chart structure of this particular counter I think that a very strong move on the upside can be expected. The impulse is what we feel that has begun on the upside. We are looking at Rs 170 as a target price over the next six-eight weeks which is quite a lot from current levels of Rs 25-30. So traders can look at buying Karnataka Bank on declines towards Rs 135 if you do get the opportunity." The company's trailing 12-month (TTM) EPS was at Rs 10.87 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 13.33. The latest book value of the company is Rs 137.94 per share. At current value, the price-to-book value of the company was 1.05. The dividend yield of the company was 2.41 percent. Disclosure: We have recommended this stock to our clients at around Rs 130 with a stop loss of Rs 124.