Geojit recommended has given Is bullish on State Bank of India has recommended buy recommendation for State Bank of India with a target price of Rs. 651 in its research report issued on Feb 10, 2022

Geojit’s research report on State Bank of India

State Bank of India is India’s largest bank. The bank operates 22,224 branches globally and has a vast network of 63,906 ATMs/CDMs. It provides a wide range of financial services, such as insurance, credit cards and asset management, through its subsidiaries. Advances grew by 8.9% YoY supported by 14.6% YoY growth in retail advances; Deposits surged by 8.8% YoY • Interest Income improved 4.4% on YoY basis and 0.3% sequentially, thereby leading to improved margins. NIM increased 3bps sequentially to 3.11% • The quarterly results look promising and the improvement in business parameters signals a turnaround in the long-run. Hence, we reiterate our BUY rating on the stock, with a rolled forward target price of Rs. 651 using the SOTP methodology.

Outlook

Overall business growth remains better than the industry average, advances from retail segment grew at 14.6% YoY and foreign advances jumped 21.4% YoY. We see that the growth is expected to accelerate by SBI Bank’s people, product, distribution, and technology backed by strong asset quality. Hence we reiterate our BUY rating on the stock, with a revised target price of Rs. 651 using the SOTP methodology.

More Info on Trent

At 11:02 hrs State Bank of India was quoting at Rs 500.45, down Rs 1.35, or 0.27 percent.

It has touched an intraday high of Rs 508.00 and an intraday low of Rs 497.20.

It was trading with volumes of 469,981 shares, compared to its thirty day average of 1,094,926 shares, a decrease of -57.08 percent.

In the previous trading session, the share closed down 5.20 percent or Rs 27.50 at Rs 501.80.

The share touched its 52-week high Rs 549.05 and 52-week low Rs 321.15 on 07 February, 2022 and 19 April, 2021, respectively.

Currently, it is trading 8.85 percent below its 52-week high and 55.83 percent above its 52-week low.

Market capitalisation stands at Rs 446,632.18 crore.

Leave a Reply

Your email address will not be published.