SBI shares cross Rs 7 lakh crore mcap for first time: Price targets, valuation, technicals and more
Shares of State Bank of India (SBI) hit their record high in early deals today. SBI market cap surpassed the Rs 7 lakh mark for the first time today.
SBI stock gained 0.79% intraday to a high of Rs 790.15 on the BSE. Market cap of the bank climbed to Rs 7,00,760 crore. Total 3.20 lakh shares changed hands amounting to a turnover of Rs 25.01 crore on BSE.
As the SBI stock hit record high, the scrip is trading in the overbought zone, signals its relative strength index (RSI) which is at 72.9. SBI stock has a one-year beta of 0.7, indicating very low volatility during the period.
SBI shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has risen 22% in 2024 and gained 39.47% in a year.
Brokerage Sharekhan has target price of Rs 915 on the banking stock.
“The bank has an additional non-NPA provisions of 1% of loans outside the provision coverage ratio to take care of any uncertain future events, which is a key positive. We maintain
a Buy rating on SBI with a revised price target (PT) of Rs 915,” said Sharekhan.
Incred Equities has a target price of Rs 850 in a bull case scenario for SBI. It has an add rating for the lender.
The brokerage cited strong asset quality in personal loans and other retail loans, despite the headwinds in small-ticket unsecured personal loans and improved confidence on asset quality among key factors behind the bullish stance.
