State Bank of India's strong run at the stock markets continues as the SBI share prices soared over 3 per cent today on the back of positive quarterly earnings. The SBI shares rose 3.44 per cent to settle at Rs 614.20 apiece on the BSE and  3.34 per cent to finish at Rs 613.80 apiece on the NSE. According to the data available at the NSE and the BSE, 16.79 lakh shares were traded on the BSE and over 4.42 crore shares on the NSE today.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

SBI Share Price Target 2023


Goldman Sachs has revised its target for SBI shares upwards to Rs 770 from Rs 728, estimating over Rs 170 per share gains for the investors. It first recommended SBI stock at Rs 594. It said that the strong September quarter results not only beat street estimates but were also arguably one of the best in the banking space during this season. 


JP Morgan has maintained ‘Overweight’ on the SBI share and has revised the targets upwards to Rs 720 from 650.


Also Read: Bandhan Bank FD interest rates hiked from today, now offers interest up to 8 percent


Yes Securities has also maintained a buy on the public lender's share and kept the target price at Rs 760, estimating a return of around over 28 per cent from the recommended CMP of Rs 594.


ICICI Securities said that the credit growth guidance of ~14-16% remains a key trigger for the bank and it will be driven by steady margins, a healthy deposit franchise and a strong demand pipeline, which will also aid in the business growth. It said that continued traction in customer & business accretion via its mobile app “Yono” is also a key trigger and unlocking of subsidiaries' value may act as a positive surprise.


The stock trades at 1.1X FY24e P/BV adjusted for subsidiaries' valuation.


The market valuation of the State Bank of India (SBI) advanced by Rs 18,250.83 crore to Rs 5,48,149.65 crore. SBI posted the highest-ever quarterly profit at Rs 13,265 crore, up 74 per cent year-on-year, for the September quarter of FY23, buoyed by robust loan sales, higher interest income and lower provisions. The country's largest lender had earned a profit of Rs 7,627 crore in the same quarter a year ago.


Also Read: 'Hey Siri' to 'Siri': Apple planning to change voice control command but it's not as simple as it appears to you


The public sector lender's total income increased to Rs 88,734 crore during the quarter under review from Rs 77,689.09 crore in the September quarter of last fiscal. On a consolidated basis, SBI Group reported a 66 per cent surge at Rs 14,752 crore for the second quarter ended September 30 as against Rs 8,890 crore in the second quarter of the previous fiscal. The total income of the SBI group rose to Rs 1,14,782 crore in the quarter under review, compared to Rs 1,01,143.26 crore in the year-ago period.


(With PTI Inputs)(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee News suggests its readers to consult with their investment advisers before making any financial decision.)