See 8-10% pullback in bank stocks: Harihar

See 8-10% pullback in bank stocks, says TS Harihar, Co-Head Institutional Derivatives, ICICI Securities.

Harihar told CNBC-TV18, "Most of the heavy weight banks in the Bank Nifty Index, we can easily look forward to 8-10% pullback which could be an Rs 200 pullback on SBI, which is nothing because SBI has corrected from Rs 3600 all the way down to Rs 2500. So Rs 200 bounce back on SBI actually is not really much. But that could translate into 8-10% upside on banks, which could pull the Nifty up by around 5-6%. So we believe most of the banks and more in case of public sector banks the bounce could be as high 10% over the next 2-3 days." SBI trailing 12-month (TTM) EPS was at Rs 153.72 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 16.90. The latest book value of the company is Rs 1038.57 per share. At current value, the price-to-book value of the company was 2.5. The dividend yield of the company was 1.15%. harihar_banks_21jan