PSU Bank Can Rally Up To 27.14%, Motilal Oswal Recommends Buy For TP Of Rs 800

Renowned brokerage firm Motilal Oswal has recommended investors to buy shares of public sector lender State Bank Of India with target price of Rs 800 apiece. Current market price of State Bank Of India share on BSE is Rs 629.25 apiece with intraday gain of 1.44%. If you buy SBI shares now, you can fetch potential return of 27.14%. State Bank Of India shares soared 6% in last 1-year and gained 115% in last 3-years. Check details below:

State Bank Of India Stock Performance & Return: The 52-week high price of State Bank Of India share on BSE is Rs 660.40 per share and 52-week low price is Rs 499.35 per share, respectively. The company has a market capitalisation of Rs 5,62,161.31 crore. State Bank Of India shares gained 23% in last 2-years, jumped 108% in last 3-years, and offered return of 108% in last 5-years. In last 10-years, SBI stock soared 291%.

State Bank Of India Financial: The company on November 5, 2023 declared a surge of 8% YoY in its Q2 FY24 standalone net profit at Rs 14,330 crore. The PSU declared its net interest income for the quarter ended September 30, 2023 at 39,500 crore, up 12.3%. Meanwhile, total income of SBI for the quarter under consideration surged 26.4% on year to Rs 1.12 lakh crore. It is worth mentioning that the bank's asset quality witnessed improvement on year and QoQ. The net non-performing assets ratio as of September 30, 2023 was declared as 0.64% as against 0.80% a year ago.

Earlier, the PSU bank for the quarter ended June 30, 2023 announced 178.24% YoY surge in its standalone net profit to Rs 16,884.29 crore as against Rs 6,068.08 crore announced in the corresponding quarter of last year. It was the 4th straight quarter of record profits for the leading government backed bank.

State Bank Of India About: SBI About: State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.