Shares of India’s largest bank surges 10% intraday on 31 Oct 2019. On expectation of better returns in FY 21 brokerage houses are bullish on the share.
SBI has rallied 22% in last 15 Days, Share price of bank is closed at Rs.312.40 on NSE on 31 Oct 2019 up 7.76%.
The stock has pick up the growth path after strong earning growth reported by bank in last week for Sep Quarter.
SBI on October 30 hosted Investor Day to showcase its restructured business/stress management verticals, future business strategy, including cross-selling opportunity, and underlying value in cards/insurance/AMC businesses, thereby claiming better valuations.
“Corporate slippages are seen around Rs 22,000 crore in FY20 and Rs 12,000 crore in FY21 against Rs 10,244 crore in FY19 while retail slippages in FY20 are seen around Rs 24,000 crore and Rs 20,000 crore in FY21 against Rs 22,494 crore in FY19,” the bank said.
Most of the brokerage houses has maintained buy rating on the stock with target price of Rs. 350-380/- per share.