SBI share price jumps 4% on upgrades from top brokerages
SBI Share Price: Buoyed by strong September quarter results and rating upgrades by top brokerages, the State Bank of India (SBI) shares were trading with might on Monday. The stock quoted Rs 616 apiece on the NSE, gaining over 4 per cent in the early trade.
Goldman Sachs upped the target to Rs 770 from Rs 728, estimating over Rs 170 per share gains for the investors. The American investment bank and financial services company recommended this stock at a price of Rs 594.
The rationale given by it is the strong September quarter results which beat street’s estimates and were “arguably one of the best” in the banking space during this season along with its private peers ICICI Bank and Kotak Mahindra Bank. It has increased SBI’s FY23E -FY24E net profit estimates by up to 13.9/2.5 per cent.
It has maintained a buy in this stock.
Meanwhile, JP Morgan maintains ‘Overweight’ on the state lender and has revised the targets upwards to Rs 720 from 650.
The bank on Saturday reported its highest ever quarterly profits led by 19 quarter high loan growth and strong core operating profit performance. The net profit grew 74 per cent Year-on-Year (YoY) and 119 per cent Quarter-on-Quarter (QoQ) to Rs 13,264 crore. The net interest margins (NII) were up 13 per cent YoY and 13 per cent QoQ to Rs 35,183 crore for the reporting quarter. Net interest margins expanded by 30 bps sequentially to 3.32 per cent.
The stock trades at 1.1X FY24e P/BV adjusted for subsidiaries valuation.
The Core Operating Profit (ex-treasury gains) grew by 17 per cent YoY and 7 per cent QoQ to Rs 20660 crore.
On the provisions front, a 31 per cent QoQ decline to Rs 3040 crore was reported.
Around 1,45,798.82 shares were trading around 10:30 am.
Next Story :
-
Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts
![Adani Bribery Case: KTR Demands Telangana Govt To Cancel All Contracts]()
Hyderabad, Nov 22 (Maxim News): BRS working president KT Rama Rao demanded the Congress government in Telangana to cancel its agreements with the Adani Group, worth Rs 12,400 crore, and return the Rs 100 crore donation made by the group for the Skill University. The demand follows charges of corruption and bribery against industrialist Gautam Adani…
-
Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque
![Raja Singh Sparks Controversy Again: Advises Ayyappa Devotees’ To Visit Vavar Mosque]()
Hyderabad, Nov 22 (Maxim News): Goshamahal BJP MLA Raja Singh, sparked controversy after advising Ayyappa Swamy devotees not to visit the Vavar mosque of Hazrath Vavarswami Darga and mosque—popularly known as Vavar mosque—when traveling to the Sabarimala Temple in Kerala.
-
Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness
![Telangana: DCA Cracks Down On Fake Drug Claims For Critical Illness]()
Hyderabad, Nov 22 (Maxim News): The Drug Control Administration (DCA), Telangana State seized several drugs that were circulating in the market with misleading claims of treating Cardiovascular disorders, blood pressure, Ophthalmic diseases/disorders, fevers, and diabetes, which is in contravention of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954, a DCA press release said.
-
Three Arrested For Practicing Allopathy In Telangana
![Three Arrested For Practicing Allopathy In Telangana]()
Hyderabad, Nov 22 (Maxim News): The drug inspectors of Telangana State Drug Control Administration (TSDCA) conducted raids on the premises of three quacks (unqualified medical practitioners), who were practicing allopathy, at different locations in Telangana State and seized substantial stocks of medicines worth Rs. 83,000, stored illegally for sale.
-
Like Praja Palana Forms, Now Caste Survey Applications On Road
![Like Praja Palana Forms, Now Caste Survey Applications On Road]()
Hyderabad, Nov 22 (Maxim News): The caste census survey applications have been found scattered again and this time near Tarnaka Metro station in the city on Friday. This is the second such incident being reported in the State.
Now you can get latest stories from Indtoday on Telegram everyday. Click the link to subscribe. Click to follow Indtoday Facebook page and Twitter and on Instagram. For all the latest Hyderabad News updates
