Buy PNB, target of Rs 600-610: Rajesh Agarwal

Rajesh Agarwal of Eastern Financiers told CNBC-TV18, "One can go ahead and buy Punjab National Bank (PNB). It is one of the better banks in the public sector horizon. If we look at the numbers released today, there were decent set of numbers although bottomline was below expectations. What surprised positively was improvement on the asset quality side. If this trend goes on, we believe that in the coming quarters there would be much better numbers to see."

"Even on valuation parameters, if you look at the bank, it is trading at a decent PE of around 5 times price to book value of less than 1. If one buys at the current market price, one can very well have a target of Rs 600-610 in the next three to six months. So, I would suggest a buy at around Rs 520-525 levels," he said.