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.
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.
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