Shares of State Bank of India (SBI) hit their all-time high today amid a correction in the broader market. SBI stock rose 2.43 per cent intraday to Rs 587.9 against the previous close of Rs 573.95 on BSE. Later, it closed 1.89 per cent higher at Rs 584.80. The stock was the top gainer on both Sensex and Nifty today. On Nifty, SBI stock closed 1.79 per cent to Rs 584.15. SBI stock is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The large cap stock has gained 27.01 per cent since the beginning of this year and risen 10.83 per cent in a year. Market cap of the bank rose to Rs 5.21 lakh crore on BSE.
Total 7.78 lakh shares changed hands amounting to a turnover of Rs 45.24 crore on BSE.
Prabhudas Lilladher assigned a target price of Rs 650 on October 4 against the market price of Rs 520. The target price implied 20 per cent upside for the stock in a year.
тАЬAsset quality may remain under control and target is to keep credit costs below 1%. While we slightly tweak our estimates, we expect a core PAT CAGR of 20% over FY22-25E. Retaining the multiple at 1.4x, we roll forward to core SepтАЩ24 ABV, raising SOTP based target price from Rs 620 to Rs 650. Maintain тАШBUYтАЩ, said the brokerage.
The lender will announce its Q2 earnings on November 5. The country’s largest bank reported a 7 per cent fall in standalone net profit at Rs 6,068 crore in the first quarter due to fall in income. The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22. Standalone total income fell to Rs 74,998.57 crore in the first quarter of 2022-23 as against Rs 77,347.17 crore in the same period a year ago.
Also Read: RBI MPC meeting: HereтАЩs what to expect in Indian market post Fed rate hike
