See limited upside in Syndicate Bank: Tulsian

According to SP Tulsian, sptulsian.com at this point of time beyond Rs 130, Syndicate Bank looks to have very limited upside in spite of result seem to be quite good.

Tulsian told CNBC-TV18, “If you compare Syndicate Bank on year-on-year (Y-o-Y) probably you will find it very exciting but if you go by their Q3 numbers, they had Rs 508 crore profit after tax (PAT) and my estimation was closer to Rs 500 crore. One has to see if any tax write back has happened or not. I will not be taking it too excitingly based on a Y-o-Y basis because I will be taking it on a quarter-on-quarter (Q-o-Q) basis." He further added, "However, the asset quality improvement has happened and we have been seeing the stock peaking out but as you said for the last couple of days that I am keeping a little cautious stance ahead of the RBI policy meet tomorrow, I maybe little cautious taking long positions because the kind of run up which we have seen in this stock particularly because Syndicate Bank has always been very – the rallies were never sustainable on a very longer horizon. So, maybe at this point of time beyond Rs 130, the stock looks to have very limited upside in spite of result seem to be quite good.”