Buy State Bank of India, target price Rs 465: Yes Securities

Yes Securities has buy call on State Bank of India with a target price of Rs 465. The current market price of State Bank of India is Rs 441.75. 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 394066.22 Crore).

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 103430.64 Crore, up 6.43 % from last quarter Total Income of Rs 97182.15 Crore and up 9.78 % from last year same quarter Total Income of Rs 94218.82 Crore. The bank reported net profit after tax of Rs 6125.52 Crore in latest quarter.


Investment Rationale
The stock has resumed uptrend after breaking out of a narrow consolidation phase and trendline resistance on good volumes. Technical indicator RSI is turning upwards beyond the 60-level, suggesting extended upside in the stock.

Promoter/FII Holdings
Promoters held 56.9 per cent stake in the company as of March 31, 2021, while FIIs held 11.1 per cent, DIIs 24.3 per cent and public and others 7.7 per cent.