Curated By: Business Desk
Last Updated: November 07, 2023, 18:56 IST
Many domestic and global brokerages are bullish on the State Bank of India stock after the largest public sector lender reported strong Q2 results.
In the second quarter of FY24, SBI’s net profit increased by 8% year-on-year to Rs 14,330 crore. The bank’s net interest income (NII) surged more than 12% YoY to Rs 39,500 crore while the total income in the quarter grew 26.4% YoY to Rs 1.12 lakh crore.
After strong quarterly numbers for the July- September period of the current fiscal, top brokerages believe that the bank has maintained its growth momentum and this trend will continue.
Domestic brokerage firm Motilal Oswal has set a target price of Rs 700 per share on SBI. The brokerage believes that the bank is expected to sustain the growth momentum.
Sharekhan, another brokerage firm, has also recommended investing in SBI stock. Sharekhan suggests that the stock may reach up to Rs 710 levels in the coming days.
Global brokerage firm CLSA is also bullish on State Bank of India’s shares. They have assigned a buy rating to SBI stock with a target price of Rs 700.
Top global brokerage Goldman Sachs has advised investors to invest in SBI’s shares. Although they have reduced the target price from Rs 746 to Rs 710, the global financial service giant still recommends investing in the stock.
Similarly, Jefferies is also bullish on SBI. The analysts at Jefferies have raised the target price on the bank’s stock from Rs 760 to Rs 780 per share.
JP Morgan has given an ‘overweight’ rating to SBI. In addition, the analysts have increased the target price on the bank’s stock from Rs 720 to Rs 725 per share.
SBI Stock Price
The SBI stock is performing in line with the above-mentioned predictions. The stock closed at Rs 580.8 apiece, up 1.1% on BSE, on Tuesday. It opened at Rs 574.80 apiece and attained a high of Rs 581.20 during the trading session on Tuesday. Currently, it has a market capitalisation of Rs 5.18 lakh crore.