Tag: state bank of india

The current market sentiment is uncertain and may provide opportunities in major stocks. Here are five bank stocks that look good on the technical charts for a 10 percent upside in one month. 1. State Bank of India Likely target: Rs 530 Upside potential: 8% The shares of the banking major took support at its 50-day moving average (DMA), located at Rs 479 recently. As long as this support is defended, the positive bias may help resume an upward momentum towards Rs 530, its next major hurdle, according to the daily chart. The Moving Average Convergence Divergence (MACD) has reached near the zero line and if shows a similar reversal like stock price, the direction and leadership may show an aggressive bullish sentiment. Read more

Since April 2021 the NIFTY BANK index has faced resistance at higher levels and has been unable to cross 36,000 levels, as per the weekly setup. The recent momentum, however, has propelled Nifty Bank above the said resistance and there are chances that it can see 36,750 levels in the days ahead, as per the daily chart. The overall structure of weekly and daily charts suggests a positive rally that could see Nifty Bank surpass 37,000 levels and gain more ground. The immediate support comes at 35,500 levels. NIFTYBANK Likely target: 36,750 and 37,000 Upside potential: 2% to 2.50% Read more

The country's largest lender, State Bank of India shares surged more than 2 percent on Wednesday as the bank reported a net profit of ₹ 6,504 crores in the quarter ended June 2021, which marked an increase of 55 percent from a profit of ₹ 4,189.34 crores during the same period last year. This was the highest quarterly net profit reported by the lender, SBI said in the BSE filing. The profit was higher than Street’s expectations. A CNBC-TV18 poll of analysts had estimated Q1 profit at Rs 6,374.5 crore. The bank's net interest income, the difference between interest earned and expended, witnessed a growth of 3.7% at ₹27,638 crores as against ₹26,641 crore year-on-year (YoY).SBI's other income jumped 48 percent to ₹ 11,803 crores while provisions for bad loans declined 47 percent to ₹ 5,030 crores on a year-on-year basis. The bank’s operating profit surged 5.06 percent year-on-year to Rs 18,975 crore in Q1FY22, against Rs 18,061 crore in Q1FY21. Read more

Stocks of the public banks have been on a gradual upward trend during the month of June. Privatisation buzz, strong earnings, and fund-raising plans have lent confidence to investors which resulted in buying in these names. The stocks did see some weakness recently but the positive sentiment remains intact. Union Bank shares have gained over 12 percent so far in June while UCO Bank has surged 5 percent. Notably, Union Bank said on Thursday (24th June 2021), it has raised Rs 850 crore while UCO Bank has received Board's nod to raise up to Rs 500 crore. Meanwhile, other stocks in the PSU bank basket-like Central Bank of India and Indian Overseas Bank have seen a sharp rise on the news of divestment plans. Read more

One of the largest lender State Bank of India announced its quarterly results today with a 41% increase in profits at Rs 5,583.4 crore compared to Rs 3954.81 crores in the corresponding period of the previous year as the Provisions for bad loans fell sharply by 25.8 per cent sequentially to Rs 8,193.06 crore.