State Bank Of India Shares Jump To All Time High As Bank Posts Biggest Quarterly Profit Of Rs 13,265 Crore
Shares of the country's largest lender, SBI, jumped nearly 5% to an all-time high of Rs 622.70 on the NSE yesterday. On BSE as well, the SBI share price hit its all time high at Rs 622.90 during the trading session. SBI recorded its highest-ever quarterly profit of Rs 13,264.62 crore in June每September.
Shares of the country's largest lender, SBI, jumped nearly 5% to an all-time high of Rs 622.70 on the NSE yesterday. On BSE as well, the SBI share price hit its all time high at Rs 622.90 during the trading session.
This rally in shares of State Bank of India, led by its Chairman Dinesh Khara, comes after the bank posted its highest-ever quarterly profit of Rs 13,264.62 crore ($1.62 billion), up 74% from the same period a year ago. Since Khara took over as chairman in October 2020, SBI shares have rallied 222% amid growing investor appetite for public sector companies, as per an ET report.
shutterstock
SBI expects credit growth to remain in double digits while it steps up efforts to attract more deposits. The surge in profits was driven by higher loan growth and improving asset quality.
On the BSE, SBI＊s market capitalization stands at Rs 548149.65 crore, making it currently rank 7th on the list of the Top 100 Companies by Market Capitalization. Reliance Industries, TCS,HDFC Bank, ICICI Bank, Infosys and HUL Ltd stand above SBI at present (rankwise) in terms of market value.
Also Read: Coins Worth Rs 11 Crore Go Missing From SBI Branch's Vaults
Positive Outlook Amongst Analysts
reuters
Analysts, on aggregate, expect the stock price to touch Rs 725 level. Of the 39 analysts that reviewed their ratings on SBI after the second quarter earnings, 37 retained their positive outlook. Two of them remain neutral. The stock also features among the top picks for many brokerages, as per ET report.
Morgan Stanley raised its price target and expects the stock price of SBI to hit Rs 715 per share (Rs 675 earlier). Switzerland's second biggest bank Credit Suisse sees the stock hitting 680 over the course of 12 months, while HSBC has set a new target of Rs 710.
Goldman Sachs also reportedly revised its target upwards to Rs 770 while Jefferies sees the stock touching Rs 760 over the course of 12 months.
Also Read: Former SBI Chairperson Arundhati Bhattacharya Says India＊s IT Sector Battling A Hiring ＆Crisis＊
For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here
