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SBI share rises 5% after CLSA raises target price to Rs 360

SBI stock touched an intraday high of Rs 259, rising 4.94% on BSE.

twitter-logoBusinessToday.In | December 3, 2020 | Updated 16:01 IST
SBI share rises 5% after CLSA raises target price to Rs 360
SBI share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

SBI share rose 5% today after brokerage CLSA maintained a buy call on the large cap stock. The brokerage also raised its target price for the lender to Rs 360 from Rs 330 per share.

Subsequently, the stock touched an intraday high of Rs 259, rising 4.94% on BSE. SBI share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

CLSA said after 25% rise in four months, it still saw value in the stock. The brokerage firm reduced its FY21 slippage estimate to Rs 60,000 crore and raised its FY21 earnings estimates by 6-12 percent.

In one year, the share has lost 23.71% and fallen 23.13% since the beginning of this year.

Later, the share closed 3.87% or Rs 9.55 higher at Rs 256.35. The share has gained 25.27% since the lender announced its earnings a month ago. 

HDFC Bank share falls 2% after RBI bars lender from issuing credit cards

In Q2 of current fiscal, SBI reported a 55 per cent increase in its consolidated net profit at Rs 5245.88 crore on account of decline in bad loans. The bank's net profit stood at Rs 3,375.40 crore in the July-September quarter of previous fiscal. Total income rose to Rs 95,373.50 crore in the quarter under review, compared to Rs 89,347.91 crore in the year-ago period.

Asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 5.28 per cent of the gross advances as on September 30, 2020, from 7.19 per cent a year ago. Net NPAs or bad loans too declined to 1.59 per cent of the advances from 2.79 per cent in the year-ago period.

Meanwhile, Sensex and Nifty hit fresh all-time highs in early trade today amid a rise in their global peers. Sensex rose 335 points to 44,953 against previous close of 44,618. Nifty too climbed 103 points to 13,216 against previous close of 13,113.

Sensex, Nifty scale record highs on vaccine, economic stimulus hopes

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