Sharmila Joshi, Head of Equity of Peerless Securities told CNBC-TV18, "Dena Bank is down because of its ex-dividend. Secondly, in terms of numbers we didn't see a great performance from Dena Bank, so there was nothing to write home about. As we have seen the trend clearly seems to be that the private banks are doing far better than the public sector undertaking (PSU) banks and that is where the better performance has been seen, so that is likely to continue also."
"The only positive that plays out for Dena Bank is that it is trading way below its book value and while I am not even talking in very optimistic terms because again how good that arguments hold I don't know that it should trade close to one time its book value because that is what historically a lot of these PSU banks do," she added.
"However, even if one doesn't take Rs 160 or whatever book value, one could see the stock go back to about Rs 110 levels is what I feel if you were to give it one year kind of a time period. So one can hold Dena Bank with a target of Rs 110." Also Read: Advance tax: Pvt sector banks to outperform PSU peers
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