Buy SBI With A Stop?Loss Of Rs 1840: Nirmal Bang

Buy SBI With A Stop?Loss Of Rs 1840: Nirmal BangIn its latest research report, Nirmal Bang, an equity research firm said that State Bank of India can give good returns in the short term.

According to Nirmal Bang Research, interested traders can buy the stock with a strict stop loss of Rs 1840 to achieve a target of Rs 2005.

Today (Sep 09), the shares of the company opened at Rs 1899 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 154.53 & 12.27 respectively. The share price has seen a 52-week high of Rs 1935 and a low of Rs 894 on BSE.

Mr. O P Bhatt, Chairman of the country’s largest lender, State Bank of India stated that the bank is eyeing an earning growth of 30-35% year-on-year during in the second quarter.

He added SBI did not anticipate any mark-to-market losses in its treasury section during the second quarter.

He also said that the bank has also witnessed a hefty growth in its retail loans in the second quarter during the year-ago period.

State Bank of India (SBI), on Sep 5, slashed the interest rate for deposits with 1,000-day tenure by 0.25% to 7%.

SBI said that the new rate will be effective from Sep 8.

But, the interest rates for deposits for all other tenures remain the same.

In order to support drought-hit agriculturists, SBI, on Sep 03, declared some measures comprising interest rate reductions on irrigation and crop loans.

SBI slashed interest rates for minor irrigation loans up to Rs 2.5 million to 8% during the first twelve months and 9% in second and third year. The subsisting rates in this group include 10.5% to 13.25%.