State Bank of India has made record profit in the September quarter.
There has also been a good increase in the loan growth of the bank. Margins are also better.
The stock is rallying on spectacular results. 52 week high has been made.
New Delhi. The shares of the country’s largest bank, State Bank of India (SBI Share) have seen a strong rise today. Investors are giddy with the bank’s excellent quarterly results (SBI Q2FY23) and are betting heavily on this bank stock. In the intraday, the stock jumped up to 5 percent and made a new 52 week high. The bank has made a record profit in the September quarter. During this period, the profit of the bank has increased by 74 percent year-on-year to Rs 13,265 crore.
On Friday, SBI Share Price closed at Rs 594. Today i.e. on November 7, 2022, it opened at Rs 613 with a boom. Shortly after opening, there was a strong rise and it reached the level of Rs 622.70. This is its new 52-week high. The results of the bank have been liked by the market as well as experts and brokerage houses. Many veteran brokerage houses have given investment advice in the stock.
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Shares can go up to Rs 805
Brokerage houses ICICI Securities, Motilal Oswal and Morgan Stanley have advised to invest in SBI stock. According to a report in Financial Express, the target price of ICICI Securities SBI Share has been fixed at Rs 805. According to the present, it is 36 percent more. The brokerage says that the earnings of Q2FY23 have been better than expected. Margin is better. Net advances grew at 21 per cent and 5 per cent on a yearly and quarterly basis. Overall outlook is strong.
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Motilal Oswal gave buy rating
Brokerage house Motilal Oswal has high hopes from the stock of SBI. The brokerage believes that this stock can go up to Rs 700 in the coming time. Motilal Oswal says that the September quarter has been very strong for the bank. With the strengthening of loan growth, all aspects of the bank have strengthened. This momentum is expected to continue. Brokerage house Morgan Stanley has given an overweight rating on SBI Shares and has set a target of Rs 715. The brokerage says that margins are expected to be better in the coming days. Brokerage house Nomura has also advised to invest in the stock and has set a target of Rs 690.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you wish to invest in any of these, please consult a Certified Investment Advisor first. News18 is not responsible for any profit or loss caused by you. Will happen.)
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FIRST PUBLISHED : November 07, 2022, 15:02 IST