The finance ministry has initiated the process for finding new chief of the country's largest lender State Bank of India (SBI) as Arundhati Bhattacharya's extended term comes to an end on October 6.
According to sources, many companies including Bank of America Merrill Lynch, Deutsche Bank, Citi, IIFL, JM Financial and Kotak have applied, but nothing has been finalised yet.
A total 17 banks had bid to underwrite the so-called qualified institutional placement, for which SBI will pay a nominal fee of one rupee, IFR, a Thomson Reuters publication, reported.
Kolkata-based Adhunik Power & Natural Resources Ltd is the largest account, where the bank is looking to sell loans worth Rs 807 crore and equity worth close to Rs 200 crore.
HDFC Securities is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 348 in its research report dated May 20, 2017.
Non-core assets are investments made by banks that are not related to core areas of lending and borrowing, and includes strategic investments in other firms, real estate, holdings in subsidiaries and joint ventures.
Amit Gupta of ICICIdrect is of the view that one can buy Wipro 520 Call.
ICICI Direct is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 335 in its research report dated May 22, 2017.
Ashwani Gujral of ashwanigujral.com recommends buying Eicher Motors, Hindustan Unilever and DLF.
Motilal Oswal is bullish on State Bank of India has recommended buy rating on the stock with a target price of Rs 375 in its research report dated May 19, 2017.
Sudip Bandhopadhyay, Market Expert is of the view that State Bank of India is a buy at the current level.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell State Bank of India and Can Fin Homes and buy ITC.
Even though clouds of the rise in non-performing assets still looms on SBI, global brokerage firms keep a leap of faith and maintain their buy recommendation.
With more employees joining its fold after the merger with its subsidiaries, State Bank of India (SBI), country’s largest bank, has planned to reduce hiring in this financial year.
In the post-earnings press conference, Arundhati Bhattacharya said, “We do expect, we will need to take some pain in FY18 as the resolutions take place but FY19 things will get better.”
The mother ship of the Indian banking industry is navigating very well in turbulent waters. That’s what we conclude after looking at a very decent set of fourth quarter numbers from State Bank of India.
Prakash Gaba of prakashgaba.com suggests holding SBI while he advises buying Tata Power around Rs 80.
Ashwani Gujral of ashwanigujral.com suggests selling UPL and Bajaj Finserv and buy State Bank of India.
Net interest income growth surges 17 percent at Rs 18,070.7 crore against Rs 15,401.2 crore posted during the previous year
Ashwani Gujral of ashwanigujral.com suggests buying State Bank of India, L&T Finance Holdings and Dabur India while he feels that Capital First may test Rs 1000.
Sudip Bandopadhyay, Market Expert is of the view that State Bank of India is a buy at current level.
"The CD ratio of SBI in West Bengal is 45 per cent without taking the investments made in state government bonds, which is much low than the national average", CGM of SBI (Bengal circle) Partha Pratim Sengupta said.
Mitessh Thakkar of miteshthacker.comn suggests buying State Bank of India and Union Bank of India.
Sandeep Wagle of powermywealth.com advises buying State Bank of India and Hero MotoCorp.