SBI extends gains; brokers raise target price after earnings

Tags: Companies
Shares in State Bank of India gain as much as 3 percent, adding to Friday's 9.6 percent jump, after earlier hitting their highest level since April 2011, as brokers raise target price and estimates on the stock, citing Jan-March earnings.

Jefferies raises its target price to 3,415 rupees from 2,875 rupees, while maintaining its "buy" rating on the stock, and Credit Suisse upgrades target price to 2,405 rupees from 2,049 rupees and maintains "neutral" rating on the stock.

The bank on Friday reported a drop in bad loans and market-beating quarterly net profit.

SBI shares were up nearly 1 percent at 9:58 a.m.

EDITORIAL OF THE DAY

  • Finalising the formula for fixing the fair market value of shares calls for a detailed debate

    Whenever there is a change of regime at the Centre, the new government has its tasks cut out for execution.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Roopen Roy

High CEO pay and the gaps it leaves

Unlike the UK, Norway took a remarkable decision with its ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture