SBI shares rose over five per cent today
SBI shares have gained 31 per cent so far this year. But Kotak Institutional Equities says that its valuation is still not very high. The brokerage firm has increased its target price to Rs 725. Global brokerage has also increased its target price. Morgan Stanley has placed it at Rs 715, Nomura Rs 690, JP Morgan Rs 720, Jefferies Rs 760 and Goldman Sachs Rs 770.
increase in profit
SBI’s consolidated profit increased to Rs 14,752 crore in the second quarter. With this, SBI has become the largest profit making company in the country. Reliance had to pay Rs 4,039 crore as unforeseen tax due to which SBI went ahead. Reliance posted a net profit of Rs 13,656 crore in the September quarter. Private sector HDFC Bank made a net profit of Rs 11,125 crore in the second quarter of the current financial year.
