Buy State Bank of India, target price Rs 560: Edelweiss

Edelweiss has buy call on State Bank of India with a target price of Rs 560. The current market price of State Bank of India is Rs 524.

Time period given by analyst is Intra Day when State Bank of India price can reach defined target.

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 465596.98 Crore).

State Bank of India key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 93266.94 Crore, down -9.83 % from last quarter Total Income of Rs 103430.64 Crore and up 6.00 % from last year same quarter Total Income of Rs 87984.33 Crore. The bank reported net profit after tax of Rs 7379.91 Crore in latest quarter.

Investment Rationale
SBI has given a swing breakout after trapping the bears at level of 500.

Promoter/FII Holdings
Promoters held 57.62 per cent stake in the company as of 30-Sep-2021, while FIIs owned 10.55 per cent, DIIs 24.17 per cent.

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