Prefer Axis Bank, ICICI Bank among corporate lenders: Nirmal Bang
Rahul Arora, CEO & Girish Pai, head of research at Nirmal Bang Institutional Equities, spoke to CNBC-TV18 about the corporate earnings and shared their views on PSU banks.
Rahul Arora, CEO & Girish Pai, head of research at Nirmal Bang Institutional Equities, spoke to CNBC-TV18 about the corporate earnings and shared their views on PSU banks.
"We believe bulk of correction is done for the Indian market," Arora said. also with regards to some of the key measures in the economy, companies are doing their bit with regards to important development and what that means for some of the economy.
On the earnings front, Pai said, “The fact that earnings have not been delivering is because corporate banks have not been delivering earnings; we have seen large losses in large public sector undertaking (PSU) banks and even some of the private corporate banks.”
“It’s a turnaround situation as we speak, so we think second half of FY19 should see strong year-on-year earnings growth for some of the corporate banks,” he said.
Talking about Yes Bank, Arora said, “I do not know how much of kitchen sinking will come out even from here under the new management. Obviously, some bit will. You may get this stock a little cheaper, there could be another revisit of Rs 165-170.”
"We prefer Axis Bank and ICICI Bank amongst corporate banks," said Arora.
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