sbi share price: Buy State Bank of India, target price Rs 277: Motilal Oswal

Motilal Oswal Financial Services has buy call on State Bank of India with a target price of Rs 277. The current market price of State Bank of India is Rs 263.85.

State Bank of India, incorporated in the year 1955, is a banking company (having a market cap of Rs 237216.17 Crore).

For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 44688.82 Crore, down -2.24 % from last quarter Interest Income of Rs 45711.40 Crore and down -4.05 % from last year same quarter Interest Income of Rs 46575.64 Crore. The bank reported net profit after tax of Rs 5403.81 Crore in latest quarter.

Investment Rationale
Making higher lows from the last 5 weeks and has given a breakout on daily scale for a fresh leg of rally.

Promoter/FII Holdings
Promoters held 34.7 per cent stake in the company as of Sept 30, 2020, while FIIs held 19.9 per cent, DIIs 25.1 per cent and public and others 20.4 per cent.

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