Dena Bank may double in two years: Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "The best strategy for Dena Bank and a large number of PSU banks is to stretch the time horizon. There is tremendous value in the stock at the current market price and even at Rs 56, however since the macro may not improve reasonably over the next two quarters which should help the unlocking of that value. So if the investors stretches the time horizon to maybe two years I have no doubt that the stock can actually double from its current market price.”

“In the medium-term the problem of dodgy asset quality is going to really be an overhang on Dena Bank, something that you are already seeing in the results and to that extent it is very difficult for this stock to give any meaningful outperformance,"