Hold SBI With Target Of Rs 2900

Hold SBI With Target Of Rs 2900Technical analyst Pradeep Surekha has maintained 'hold' rating on State Bank of India (SBI) stock to achieve a target of Rs 2900.

According to analyst, the stock has strong resistance at Rs 2750.

Today, the stock of the bank opened at Rs 2591.45 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 3515 and a low of Rs 1925 on BSE.

Current EPS & P/E ratio stood at 159.26 and 16.53 respectively.

State Bank of India (SBI) announced that SBI-SG Global Securities Services (P), JV of SBI and Societe Generate, with about $7 billion assets under custody from its inland as well as FII customers in its custodial services processes, has moved into its second stage, with beginning of fund accounting plus fund administration services, with more than $8 billion assets under administration.

India's biggest lender has projected consolidation of remaining 5 associate banking institutions with itself in the coming 12-18 months.

Finance Ministry stated, "... the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months."

This was in reply to a query on the stance of the administration on uniting the arms with the bank lifted up by the Parliamentary board chaired by former Finance Minister Yashwant Sinha.