Buy State Bank of India, target price Rs 565: ICICI Direct

ICICI Direct has buy call on State Bank of India with a target price of Rs 565. The current market price of State Bank of India is Rs 533.2. 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 475904.91 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 31-12-2021, the company reported a Consolidated Total Income of Rs 104528.22 Crore, up 3.35 % from last quarter Total Income of Rs 101143.25 Crore and up 7.56 % from last year same quarter Total Income of Rs 97182.15 Crore. The bank reported net profit after tax of Rs 10340.48 Crore in latest quarter.

Investment Rationale
Cusp of breaking above last three months range 542-443 and MACD in buy mode

Promoter/FII Holdings
Promoters held 57.6 per cent stake in the company as of 31-Dec-2021, while FIIs owned 10.37 per cent, DIIs 24.1 per cent.