Technical analyst Kalyan C Reddy of Karvy Stock Broking is bullish on State Bank of India (SBI) and maintained 'buy' rating on the stock to achieve a long term target of Rs 2350.

According to Mr. Reddy, the investors will buy the stock with a strict stop loss of Rs 2235.

Today, the shares of the company opened at Rs 2269 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2500 and a low of Rs 1240 on BSE.

Current EPS & P/E ratio stood at 158.17 and 14.27 respectively.

SBI turned the first financial services body in India to make entry into the green power by establishing wind mills for captive use.

SBI entered into green energy with an eye to become energy-neutral over a period of time.

This plan, in affiliation with Suzlon Energy, was finished within four months.

In a declaration, SBI announced that its credit growth is likely to be 22 to 23% in 2010-11 as compared to 18% recorded in 2009-10.

With India industries working at 80% capacitance, near to the peak of 85%, off take from SBI would be on advanced side, SBI Chairman O. P. Bhatt said.

In addition, farming and retail segment would be good during the second quarter, whereas infrastructure and capital spending would surged, pushing the credit expansion up to 22 to 23%.