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HDFC Securities Recommends Buying State Bank of India with a Target Price of Rs 790

HDFC Securities, a reputable financial services provider, has issued a buy recommendation for State Bank of India, setting a target price of Rs 790. Currently, State Bank of India is trading at a market price of Rs 576.35.

State Bank of India, established in the year 1955, is a significant banking company, with a market capitalization of Rs 511,469.51 Crore.

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The key Products/Revenue Segments for State Bank of India encompass Interest & Discount on Advances & Bills, Income From Investment, Interest, and Interest On Balances with RBI, along with Other Inter-Bank Funds for the fiscal year ending on March 31, 2023.

For the quarter ending on June 30, 2023, the company reported a Consolidated Total Income of Rs 132,332.78 Crore, reflecting a slight decrease of 3.30% when compared to the Total Income of Rs 136,852.39 Crore in the previous quarter. However, this also signifies a substantial increase of 40.00% compared to the Total Income of Rs 94,524.30 Crore in the same quarter of the previous year. Moreover, the bank achieved a net profit after tax amounting to Rs 18,536.80 Crore in the latest quarter.

As of September 30, 2023, the promoters held a 57.49% stake in the company, while FIIs (Foreign Institutional Investors) owned 10.72%, and DIIs (Domestic Institutional Investors) held 24.33% of the company.

HDFC Securities’ buy recommendation for State Bank of India indicates their positive outlook on the stock, suggesting potential for growth and providing investors with an opportunity to consider.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​

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