Shares of State Bank of India on Wednesday became the third lender after HDFC Bank and ICICI Bank. and the seventh Indian company to cross the Rs 5-trillion market cap for the first time after its shares rallied over 22 percent and touched a record high of Rs 564.45 so far this year. Market watchers believe that SBI should deliver healthy core-PPOP (Pre-Provision Operating Profit) growth in FY23E and FY24E led by a gradual improvement in net interest margins, lower credit costs, and strong loan growth over FY22-24E.
According to stock market experts, SBI shares are in an ‘uptrend’ and the stock has a strong support base at ₹530 per share levels. They said that those who have this PSU bank stock in their portfolio should continue to hold the stock for an immediate target of ₹600 apiece levels.
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