State Bank of India shares jump 11% as Street lauds Q3 performance

Shares of State Bank of India (SBI) rose 11 per cent, the highest since March 13 last year, after analysts raised price targets following a better than expected showing in the third quarter ended December (3QFY21).

The stock ended at a new lifetime high of Rs 393 after soaring to Rs 408 in intra-day trade.

The state-owned lender for the first time saw its market cap cross Rs 3.5 trillion.

“SBI’s 3QFY21 asset quality performance was very strong, as seen in its much lower slippages, fewer restructured assets, stable margins, and improving return on assets,” said a note by Macquarie titled “The elephant