Hold DCB; its a long term story: Shenoy

Sandeep Shenoy of PINC Research believes that Development Credit Bank is a long term story. So one should hold on to it.

Shenoy told CNBC-TV18, "Development Credit Bank, DCB has got a decent opening but I would have been comfortable buying it at around 30’s level and not at the current juncture although the bank is good. It has got huge goodwill among the trader community in Mumbai and across Maharashtra though its pan-national presence is yet to be decided but I guess in niche segment it is one of the better run banks."

He further added, "It had its own share of problems but parentage; the newer set of investors who have chipped in should ensure that it’s propelled around the growth path without much of glitches. It also has a strong management team but at the current levels unless one is a 2-3 years investor I don’t recommend a buy but if one has got an IPO allotment then might as well hold on to it because despite some small sell offs at these level, it is a good long-term story.