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SBI hits record high post Q3 results; CLSA lists 3 triggers for re-rating

CLSA has raised its target price on SBI's stock by an impressive 45.45 per cent to Rs 560 from Rs 385. This also reflects a 58 per cent upside from the stock's market price as on Thursday

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sbi | Markets | CLSA

Nikita Vashisht  |  New Delhi 



SBI
Slower-than-expected uptick in India’s economic growth amid ongoing Covid-19 outbreak and/or a sharp rise in interest rates, however, remain key risks to CLSA’s valuation thesis

Positively surprising Street for sixth quarter in a row, State Bank of India (SBI) on Thursday reported a beat on its December quarter results (Q3FY21) on the back of healthy asset quality, fewer fresh slippages, and lower-than-projected rise in provisions.

At the bourses, investors rewarded the stock as it hit a lifetime high of Rs 408 apiece, up 15 per cent on the BSE in the intra-day trade. It surpassed its previous record high of Rs 373.7 per share hit on July 18, 2019. The stock closed around 11 per cent higher on the BSE, as against a 0.23 per cent rally in the benchmark S&P BSE Sensex. Moreover, the stock has zoomed over 39 per cent this week, clocking its best weekly gain in 30 years.

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First Published: Fri, February 05 2021. 09:23 IST

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