Enter ICICI Bank, Axis Bank on dip: Mehta

Enter ICICI Bank and Axis Bank on dip, says Devang Mehta, Vice President & Head - Equity Sales at Anand Rathi Financial Services.

Mehta told CNBC-TV18, "We feel that banking stocks can be facing a bit of a pressure in shorter-term as lot of worries are going on the inflation front as well as food inflation going up as well as the policy which is going to be announced on the 25th. So lot of people are expecting some margin pressure on the banks in this quarter at least something to do with the NIMs. So I guess one would better wait for sometime and enter good stocks like ICICI Bank, Axis Bank which though we like but one should time opportunity and at dips." ICICI Bank trailing 12-month (TTM) EPS was at Rs 37.96 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 28.23. The latest book value of the company is Rs 448.84 per share. At current value, the price-to-book value of the company was 2.39. The dividend yield of the company was 1.12%.