Buy State Bank of India, target price Rs 563: IIFL

IIFL has buy call on State Bank of India with a target price of Rs 563. The current market price of State Bank of India is Rs 539.85. Time period given by analyst is Intra Day when State Bank of India price can reach defined target.

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 481750.53 Crore).

State Bank of India key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.

Financials


For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 101143.25 Crore, up 8.44 % from last quarter Total Income of Rs 93266.94 Crore and up 6.05 % from last year same quarter Total Income of Rs 95373.50 Crore. The bank reported net profit after tax of Rs 8889.84 Crore in latest quarter.

Investment Rationale

The stock has broken the previous swing high on the weekly chart

Promoter/FII Holdings

Promoters held 57.6 per cent stake in the company as of 31-Dec-2021, while FIIs owned 10.37 per cent, DIIs 24.1 per cent.

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