Home / Business and Economy / SBI Stock Surges to 52-Week High on Stellar Q3 Results
SBI Stock Surges to 52-Week High on Stellar Q3 Results
9 Feb
Summary
- SBI shares reached a 52-week high, surging over 6%.
- The bank reported a strong Q3 with 24% net profit growth.
- Analysts raised target prices, citing strong earnings and margins.
State Bank of India (SBI) shares experienced a significant surge on Monday, climbing over 6% to reach a new 52-week high. This rally followed the bank's announcement of strong third-quarter financial results that exceeded market expectations.
The bank reported a notable 24% year-over-year growth in net profit for the December quarter. This performance also saw SBI outperform large private sector banks like ICICI Bank and HDFC Bank in terms of loan growth during the same period.
SBI further boosted investor confidence by raising its guidance for the upcoming financial year. Analysts noted this indicated better visibility on future growth and earnings, a positive sign amid broader sector concerns about credit growth.
Several financial institutions have since revised their target prices for SBI shares upwards. Nomura, CLSA, CITI, Jefferies, and Nuvama have all issued positive ratings with targets ranging up to Rs 1,300, reflecting optimism about the bank's financial health and strategic execution.
