Take long positions in Dena Bank: Amit Gupta

Take long positions in Dena Bank, says Amit Gupta, ICICI Direct.

Gupta told CNBC-TV18, "Dena Bank is one stock that we can look into. This stock has seen lot of short buildup when it was coming down from Rs 120 to almost Rs 95 levels. Now we are seeing those shorts are getting covered and from Rs 95 levels one can initiate a long position in the stock. They can keep the stop loss around Rs 92, look for a target of around Rs 102-103 in the coming sessions."
The share touched its 52-week high Rs 128 and 52-week low Rs 87.50 on 07 January, 2013 and 04 March, 2013, respectively. Currently, it is trading 25.12% below its 52-week high and 9.54% above its 52-week low. Market capitalisation stands at Rs 3,355.31 crore.
The company's trailing 12-month (TTM) EPS was at Rs 18.35 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 5.22. The latest book value of the company is Rs 122.59 per share. At current value, the price-to-book value of the company was 0.78. The dividend yield of the company was 3.13%.