Buy State Bank of India, target price Rs 590: Prabhudas Lilladher

Prabhudas Lilladher has buy call on State Bank of India with a target price of Rs 590.The current market price of State Bank of India is Rs 529.65. Prabhudas Lilladher recommended to keep stop loss at Rs 510.
State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 473629.14 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-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 127218.97 Crore, up 10.83 % from last quarter Total Income of Rs 114782.48 Crore and up 21.71 % from last year same quarter Total Income of Rs 104528.22 Crore. The bank has reported net profit after tax of Rs 15477.22 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 57.5 per cent stake in the company as of 31-Dec-2022, while FIIs owned 10.09 per cent, DIIs 25.33 per cent.