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Vodafone Idea shares jumped nearly 5 percent after Birla bought more stake, Emkay Global upgraded Vodafone Idea to 'Add' and raised its target price to Rs 12., Government-approved moratorium eases VI's AGR liabilities, aiding cash flow

* Vodafone Idea shares jumped nearly 5 percent after Birla bought more stake
* Emkay Global upgraded Vodafone Idea to 'Add' and raised its target price to Rs 12.
* Government-approved moratorium eases VI's AGR liabilities, aiding cash flow

Vodafone Idea shares rose nearly 5% after Kumar Mangalam Birla bought 4.09 crore shares. Emkay Global upgraded the stock to 'Add' and doubled its target price, citing government relief on AGR dues and improved cash flow, but noted risks remain.

shorts/business/vodafone-idea-shares-jump-5-after-kumar-mangalam-birla-buys-additional-stake-emkay-doubles-target-price

* Vodafone Idea shares jumped nearly 5 percent after Birla bought more stake
* Emkay Global upgraded Vodafone Idea to 'Add' and raised its target price to Rs 12.
* Government-approved moratorium eases VI's AGR liabilities, aiding cash flow

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/telecommunication-service-provider/vodafoneidea/IC8">Vodafone Idea</a> (Vi) jumped nearly 5 percent on February 9 after data showed that promoter Kumar Mangalam Birla has bought additional stake in the telecom major from the open market. Additionally, Emkay Global upgraded the stock’s rating to ‘Add’ from ‘Sell’, and doubled its target price.

The shares of the company rose to Rs 11.62 apiece on Monday, the highest level seen by the stock since January 9 this year. The stock has now snapped a three-session losing streak.
<h3><strong>Kumar Managalam Birla buys additional stake in Vodafone Idea:</strong></h3>
Kumar Mangalam Birla bought 2.21 crore shares on January 30, and 1.88 crore shares on February 1, according to market data cited by CNBC-TV18. At the previous closing price of Rs 11.12 apiece, the total 4.09 crore shares bought by the industrialist over the two days would be worth around Rs 45,481 crore.

According to the company’s shareholding pattern as on December 31, 2025, Kumar Mangalam Birla owned 0.02 percent stake in the company. Promoter and promoter groups collectively owned 25.57 percent stake in the telco, while the rest of the 74.43 percent stake was held by the general public.
<h3><strong>Emkay Global on Vodafone Idea:</strong></h3>
Emkay Global upgraded the shares of Vodafone Idea to ‘Add’ from ‘Sell’, and doubled its target price to Rs 12 apiece from Rs 6 apiece earlier. The latest target price implies an upside potential of nearly 8 percent from the stock’s previous closing price.

The domestic brokerage noted that the government has approved a major moratorium for VI’s AGR liabilities, with minimal annual payments until FY35.

“We believe this will provide significant cash flow relief and a turnaround opportunity. The relief reduces the net present value (NPV) of the burden by 60–80%, easing immediate survival pressure, along with the possibility of further reduction on reassessment of AGR dues. This will enable VI to access bank funding for 4G/5G expansion, helping the company arrest subscriber churn and market-share loss,” it said.

However, Emkay noted that the key risks to its bullish call include inability to increase subscriber market share, significantly increase ARPU with tariff repair and upgrade the subscriber base from 2G to 4G/5G.

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Vodafone Idea shares jump 5% after Kumar Mangalam Birla buys additional stake: Emkay doubles target price

The shares of Vodafone Idea (Vi) jumped nearly 5 percent on February 9 after data showed that promoter Kumar Mangalam Birla has bought additional stake in the telecom major from the open market. Additionally, Emkay Global upgraded the stock’s rating to ‘Add’ from ‘Sell’, and doubled its target price.

The shares of the company rose to Rs 11.62 apiece on Monday, the highest level seen by the stock since January 9 this year. The stock has now snapped a three-session losing streak.
Kumar Managalam Birla buys additional stake in Vodafone Idea:
Kumar Mangalam Birla bought 2.21 crore shares on January 30, and 1.88 crore shares on February 1, according to market data cited by CNBC-TV18. At the previous closing price of Rs 11.12 apiece, the total 4.09 crore shares bought by the industrialist over the two days would be worth around Rs 45,481 crore.

According to the company’s shareholding pattern as on December 31, 2025, Kumar Mangalam Birla owned 0.02 percent stake in the company. Promoter and promoter groups collectively owned 25.57 percent stake in the telco, while the rest of the 74.43 percent stake was held by the general public.
Emkay Global on Vodafone Idea:
Emkay Global upgraded the shares of Vodafone Idea to ‘Add’ from ‘Sell’, and doubled its target price to Rs 12 apiece from Rs 6 apiece earlier. The latest target price implies an upside potential of nearly 8 percent from the stock’s previous closing price.

The domestic brokerage noted that the government has approved a major moratorium for VI’s AGR liabilities, with minimal annual payments until FY35.

“We believe this will provide significant cash flow relief and a turnaround opportunity. The relief reduces the net present value (NPV) of the burden by 60–80%, easing immediate survival pressure, along with the possibility of further reduction on reassessment of AGR dues. This will enable VI to access bank funding for 4G/5G expansion, helping the company arrest subscriber churn and market-share loss,” it said.

However, Emkay noted that the key risks to its bullish call include inability to increase subscriber market share, significantly increase ARPU with tariff repair and upgrade the subscriber base from 2G to 4G/5G.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Tata Steel shares hit record high post Q3 results; brokerages raise targets, Q3 net profit up 723% YoY to Rs 2,689.70 crore; revenue rose 6% YoY, Brokerages maintain 'Buy' ratings, raising target prices up to Rs 240 per share

* Tata Steel shares hit record high post Q3 results; brokerages raise targets
* Q3 net profit up 723% YoY to Rs 2,689.70 crore; revenue rose 6% YoY
* Brokerages maintain 'Buy' ratings, raising target prices up to Rs 240 per share

Tata Steel shares surged 5% to a record high after Q3 FY26 results showed a 723% YoY net profit rise to Rs 2,689.7 crore. Brokerages raised target prices, citing strong earnings, improved margins, and positive outlook despite some regional challenges.

shorts/business/tata-steel-shares-jump-5-to-fresh-record-high-as-brokerages-raise-target-prices-after-q3-results-should-you-buy-sell-or-hold

* Tata Steel shares hit record high post Q3 results; brokerages raise targets
* Q3 net profit up 723% YoY to Rs 2,689.70 crore; revenue rose 6% YoY
* Brokerages maintain 'Buy' ratings, raising target prices up to Rs 240 per share

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/ironsteel/tatasteel/TIS">Tata Steel</a> jumped around 5 percent to a fresh a record high on February 9 after the company released its results for the third quarter of FY26. Brokerages raised their target prices for the stock, highlighting in-line earnings of the metal major.

The shares of the Tata Group-company hit a fresh 52-week high of Rs 206.34 apiece on Monday. It is currently among the top gainers on benchmark indices Sensex and Nifty, as well as the more-concentrated Nifty Metal index which itself is up around 2 percent.
<h3><strong>Tata Steel Q3 Results:</strong></h3>
Tata Steel reported a <a href="https://www.moneycontrol.com/news/business/earnings/tata-steel-q3-results-net-profit-surges-723-to-rs-2-690-crore-revenue-up-6-13815264.html">consolidated net profit of Rs 2,689.70 crore</a> for the October-December quarter of FY26 on February 6. This marks a whopping 723 percent YoY rise from the Rs 326.64 crore net profit reported in the same period of last year.

The firm's revenue from operations meanwhile rose more than 6 percent YoY to Rs 56,646.05 crore during the quarter under review.

The metal major's net profit margin improved to 4.79 percent in Q3 FY26, from 0.55 percent in Q3 FY25. Operating EBITDA margin meanwhile rose to 14.58 percent in the third quarter of the ongoing financial year 2026.

Consolidated EBITDA for the quarter, adjusting for forex movements, was Rs 8,276 crore, higher than the Rs 7,155 crore reported in the year prior.

Production and deliveries for its India operations were higher by 12 percent and 14 percent respectively, with the Q3 deliveries of 6.04 million tonne being the first time it has breached the 6 million tonne mark, the management said.
<h3><strong>JM Financial on Tata Steel:</strong></h3>
JM Financial kept its 'Buy' call on the stock, while raising its target price to Rs 240 apiece from Rs 215 apiece earlier. This implies an upside potential of nearly 22 percent from the stock’s previous closing price.

The domestic brokerage said that the company’s consolidated EBTITDA of Rs 8,276 crore was marginally above its estimate of Rs 8,000 crore. "Indian operations spreads continue to trend up in tandem with higher steel prices while the European region awaits CBAM/Quota cut (June) led price hikes to sustain and trickle to margins eventually. The company expects similar Government led ring-fencing in UK ops too. Management stated net debt EBITDA target stands at 3x," it added.

JM Financial revised its earnings upwards for FY27/28 by 12-13 percent and an equivalent increase in target price to factor in an improved steel price outlook across regions.
<h3><strong>Motilal Oswal on Tata Steel:</strong></h3>
Motilal Oswal Financial Services said that Tata Steel’s earnings were broadly in-line with estimates, and the outlook looks bright due to the recent rise in steel prices. “Overall, TATA posted a decent performance in 3QFY26 as anticipated, primarily driven by healthy volume, offset by muted NSR in India. The combined EBITDA in Europe weakened due to muted earnings at the Netherlands operation, while the UK operating loss remained flat QoQ,” it said.

“Though there are near-term uncertainties related to price volatility due to trade barriers (CABM, tariffs, and import quota reduction), the long-term outlook remains strong for TATA. We raise our FY26E earnings (EBITDA by over 2% and PAT by over 3%), fueled by the better volume and NSR outlook. We also marginally raise our EBITDA for FY27E by 2% to reflect the improved outlook on pricing and costs,” it added.

Motilal kept its ‘Buy’ rating on the stock, while raising its target price for the stock to Rs 240 apiece, same as JM Financial.
<h3><strong>PL Capital on Tata Steel:</strong></h3>
PL Capital said that Tata Steel reported a strong operating performance at TSI (India), offsetting weaker TSE performance. “We cut our EBITDA estimates by 4%/1% on higher coking coal assumption and lower TSUK EBITDA and expect EBITDA CAGR of 24% over FY25-28E on the back of strong domestic pricing. At CMP, the stock is trading at 7.3x/6.4x EV of FY27/28E EBITDA. We roll forward to Mar’28 and maintain ‘Accumulate’ rating with revised TP of Rs226 valuing at higher 7.5x EV/TSI EBITDA multiple as TSI would benefit on higher prices along with strong domestic demand, structural cost transformation initiatives and higher European prices would aid faster TSE breakeven,” it said.
<h3><strong>Emkay Global on Tata Steel:</strong></h3>
Emkay Global maintained a ‘Buy’ rating on the stock, an increased its target price by 15 percent to Rs 230 apiece. This implies an upside potential of nearly 17 percent from the stock’s previous closing price.

“Tata Steel’s Q3 consolidated adj EBITDA of Rs82.7bn beat estimates but fell ~8% QoQ on weaker realizations and higher coking coal costs, partly offset by better volumes,” the domestic brokerage said. “The management sees sustainable EU price hikes (carbon tax, protectionism as key catalysts), near-term India price gains despite higher coal costs, and projects on track (NINL by FY29; Ludhiana EAF by Q1FY27). We raise FY27/28E EBITDA by 3–8% and TP by 15% to Rs230 (from Rs200),” it added.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">LIVE updates</a> from the stock markets here.

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Tata Steel shares jump 5% to fresh record high as brokerages raise target prices after Q3 results: Should you buy, sell or hold?

The shares of Tata Steel jumped around 5 percent to a fresh a record high on February 9 after the company released its results for the third quarter of FY26. Brokerages raised their target prices for the stock, highlighting in-line earnings of the metal major.

The shares of the Tata Group-company hit a fresh 52-week high of Rs 206.34 apiece on Monday. It is currently among the top gainers on benchmark indices Sensex and Nifty, as well as the more-concentrated Nifty Metal index which itself is up around 2 percent.
Tata Steel Q3 Results:
Tata Steel reported a consolidated net profit of Rs 2,689.70 crore for the October-December quarter of FY26 on February 6. This marks a whopping 723 percent YoY rise from the Rs 326.64 crore net profit reported in the same period of last year.

The firm's revenue from operations meanwhile rose more than 6 percent YoY to Rs 56,646.05 crore during the quarter under review.

The metal major's net profit margin improved to 4.79 percent in Q3 FY26, from 0.55 percent in Q3 FY25. Operating EBITDA margin meanwhile rose to 14.58 percent in the third quarter of the ongoing financial year 2026.

Consolidated EBITDA for the quarter, adjusting for forex movements, was Rs 8,276 crore, higher than the Rs 7,155 crore reported in the year prior.

Production and deliveries for its India operations were higher by 12 percent and 14 percent respectively, with the Q3 deliveries of 6.04 million tonne being the first time it has breached the 6 million tonne mark, the management said.
JM Financial on Tata Steel:
JM Financial kept its 'Buy' call on the stock, while raising its target price to Rs 240 apiece from Rs 215 apiece earlier. This implies an upside potential of nearly 22 percent from the stock’s previous closing price.

The domestic brokerage said that the company’s consolidated EBTITDA of Rs 8,276 crore was marginally above its estimate of Rs 8,000 crore. &quot;Indian operations spreads continue to trend up in tandem with higher steel prices while the European region awaits CBAM/Quota cut (June) led price hikes to sustain and trickle to margins eventually. The company expects similar Government led ring-fencing in UK ops too. Management stated net debt EBITDA target stands at 3x,&quot; it added.

JM Financial revised its earnings upwards for FY27/28 by 12-13 percent and an equivalent increase in target price to factor in an improved steel price outlook across regions.
Motilal Oswal on Tata Steel:
Motilal Oswal Financial Services said that Tata Steel’s earnings were broadly in-line with estimates, and the outlook looks bright due to the recent rise in steel prices. “Overall, TATA posted a decent performance in 3QFY26 as anticipated, primarily driven by healthy volume, offset by muted NSR in India. The combined EBITDA in Europe weakened due to muted earnings at the Netherlands operation, while the UK operating loss remained flat QoQ,” it said.

“Though there are near-term uncertainties related to price volatility due to trade barriers (CABM, tariffs, and import quota reduction), the long-term outlook remains strong for TATA. We raise our FY26E earnings (EBITDA by over 2% and PAT by over 3%), fueled by the better volume and NSR outlook. We also marginally raise our EBITDA for FY27E by 2% to reflect the improved outlook on pricing and costs,” it added.

Motilal kept its ‘Buy’ rating on the stock, while raising its target price for the stock to Rs 240 apiece, same as JM Financial.
PL Capital on Tata Steel:
PL Capital said that Tata Steel reported a strong operating performance at TSI (India), offsetting weaker TSE performance. “We cut our EBITDA estimates by 4%/1% on higher coking coal assumption and lower TSUK EBITDA and expect EBITDA CAGR of 24% over FY25-28E on the back of strong domestic pricing. At CMP, the stock is trading at 7.3x/6.4x EV of FY27/28E EBITDA. We roll forward to Mar’28 and maintain ‘Accumulate’ rating with revised TP of Rs226 valuing at higher 7.5x EV/TSI EBITDA multiple as TSI would benefit on higher prices along with strong domestic demand, structural cost transformation initiatives and higher European prices would aid faster TSE breakeven,” it said.
Emkay Global on Tata Steel:
Emkay Global maintained a ‘Buy’ rating on the stock, an increased its target price by 15 percent to Rs 230 apiece. This implies an upside potential of nearly 17 percent from the stock’s previous closing price.

“Tata Steel’s Q3 consolidated adj EBITDA of Rs82.7bn beat estimates but fell ~8% QoQ on weaker realizations and higher coking coal costs, partly offset by better volumes,” the domestic brokerage said. “The management sees sustainable EU price hikes (carbon tax, protectionism as key catalysts), near-term India price gains despite higher coal costs, and projects on track (NINL by FY29; Ludhiana EAF by Q1FY27). We raise FY27/28E EBITDA by 3–8% and TP by 15% to Rs230 (from Rs200),” it added.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Kalyan Jewellers shares jumped nearly 12 percent after strong Q3 FY26 results, Q3 net profit rose over 90 percent YoY to Rs 416.3 crore; revenue up 42 percent, Brokerages keep 'Buy' calls due to strong growth and solid demand momentum.

* Kalyan Jewellers shares jumped nearly 12 percent after strong Q3 FY26 results
* Q3 net profit rose over 90 percent YoY to Rs 416.3 crore; revenue up 42 percent
* Brokerages keep 'Buy' calls due to strong growth and solid demand momentum.

Kalyan Jewellers shares surged nearly 12% after strong Q3 FY26 results, with net profit up 90% YoY and revenue rising 42%. Brokerages maintained 'Buy' ratings, citing robust growth, healthy demand, and positive outlook despite gold price volatility.

shorts/business/kalyan-jewellers-shares-jump-12-after-q3-results-beat-estimates-check-latest-target-prices

* Kalyan Jewellers shares jumped nearly 12 percent after strong Q3 FY26 results
* Q3 net profit rose over 90 percent YoY to Rs 416.3 crore; revenue up 42 percent
* Brokerages keep 'Buy' calls due to strong growth and solid demand momentum.

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/diamondjewellery/kalyanjewellersindia/KJI01">Kalyan Jewellers India</a> jumped nearly 12 percent on February 9 after the company reported strong results for the October-December quarter of the ongoing financial year 2026.

The shares of the company rose to Rs 424.70 apiece in the morning trading hours of Monday. This is the highest level seen by the stock since January 21.
<h3><strong>Kalyan Jewellers Q3 Results:</strong></h3>
Kalyan Jewellers on February 6 reported a <a href="https://www.moneycontrol.com/news/business/earnings/kalyan-jewellers-india-q3-net-profit-nearly-doubles-yoy-to-rs-416-crore-inventory-gains-help-13815213.html">consolidated net profit of Rs 416.3 crore</a> for the October-December quarter of the ongoing financial year 2026. This marks a jump of more than 90 percent year-on-year (YoY) from the Rs 218.8 crore net profit reported in the same period of the previous financial year.

The firm’s revenue from operations meanwhile grew more than 42 percent YoY to Rs 10,343.4 crore in Q3 FY26 from Rs 7,278.1 crore in Q3 FY25.
<h3><strong>JM Financial on Kalyan Jewellers:</strong></h3>
JM Financial said that Kalyan Jewellers posted Q3 FY26 operational results which were ahead of its estimates with strong revenue growth of 40 percent-plus unleashing operating leverage and benefits of debt repayment beginning to kick in.

"Management highlighted sustained strong growth in Jan’26 in the face of volatility in gold prices, and noted they expect to end FY26 on a good note. SSSG growth also remained robust across regions with India registering SSSG of 27% YoY with 24% YoY SSSG for the Middle East. Candere is also shaping up along expectations and turned PAT-positive this quarter in line with guidance. Debt repayment plans stay intact with a target to be net debt-free by end-FY27E led by a combination of sale of non-core assets and cash flows. The regional brand will see some store openings in Q4FY26E with a total of four–five stores to be opened over one year initially," it said.

The domestic brokerage raised FY26–28E EPS by 4–5 percent given the robust revenue growth momentum. However, it reduced its target price for the stock to Rs 750 per share from Rs 775 per share, based on a cut in target P/E to 40x (due to higher beta over last 6M; from 45x) along with a rollover to Dec’27E EPS, while maintaining its ‘Buy’ call. The latest target price implies an upside potential of more than 97 percent from the stock’s previous closing price.
<h3><strong>Motilal Oswal on Kalyan Jewellers:</strong></h3>
Motilal Oswal kept a ‘Buy’ call on the stock, statin that the company delivered an “all-round beat” through its earnings. “Management indicated that on-ground demand momentum remained healthy in 3QFY26. During the 30 days leading up to Diwali, the company reported LFL growth of over 30%, reflecting strong festive traction. Demand in Jan’26 also remained robust, supported by healthy consumer footfalls despite volatility in gold prices,” it said.

“With the successful scale-up of franchise businesses (&gt;50% revenue contribution) and stable success in non-Southern markets, the company has established itself as a leading brand in the industry. Consistent success on customer acquisition, improving operating margin, and deleveraging balance sheet remain the key rationale for our constructive view on the business. We model a 21%/18%/22% revenue/EBITDA/PAT CAGR during FY26-28E. We reiterate our BUY rating with a TP of INR600 (based on 35x Dec’27 P/E),” it added.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">LIVE updates</a> from the stock markets here.

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Kalyan Jewellers shares jump 12% after Q3 results beat estimates: Check latest target prices

Kalyan Jewellers share price jumps 12% after Q3 results beat estimates: Check latest target prices

The shares of Kalyan Jewellers India jumped nearly 12 percent on February 9 after the company reported strong results for the October-December quarter of the ongoing financial year 2026.

The shares of the company rose to Rs 424.70 apiece in the morning trading hours of Monday. This is the highest level seen by the stock since January 21.
Kalyan Jewellers Q3 Results:
Kalyan Jewellers on February 6 reported a consolidated net profit of Rs 416.3 crore for the October-December quarter of the ongoing financial year 2026. This marks a jump of more than 90 percent year-on-year (YoY) from the Rs 218.8 crore net profit reported in the same period of the previous financial year.

The firm’s revenue from operations meanwhile grew more than 42 percent YoY to Rs 10,343.4 crore in Q3 FY26 from Rs 7,278.1 crore in Q3 FY25.
JM Financial on Kalyan Jewellers:
JM Financial said that Kalyan Jewellers posted Q3 FY26 operational results which were ahead of its estimates with strong revenue growth of 40 percent-plus unleashing operating leverage and benefits of debt repayment beginning to kick in.

&quot;Management highlighted sustained strong growth in Jan’26 in the face of volatility in gold prices, and noted they expect to end FY26 on a good note. SSSG growth also remained robust across regions with India registering SSSG of 27% YoY with 24% YoY SSSG for the Middle East. Candere is also shaping up along expectations and turned PAT-positive this quarter in line with guidance. Debt repayment plans stay intact with a target to be net debt-free by end-FY27E led by a combination of sale of non-core assets and cash flows. The regional brand will see some store openings in Q4FY26E with a total of four–five stores to be opened over one year initially,&quot; it said.

The domestic brokerage raised FY26–28E EPS by 4–5 percent given the robust revenue growth momentum. However, it reduced its target price for the stock to Rs 750 per share from Rs 775 per share, based on a cut in target P/E to 40x (due to higher beta over last 6M; from 45x) along with a rollover to Dec’27E EPS, while maintaining its ‘Buy’ call. The latest target price implies an upside potential of more than 97 percent from the stock’s previous closing price.
Motilal Oswal on Kalyan Jewellers:
Motilal Oswal kept a ‘Buy’ call on the stock, statin that the company delivered an “all-round beat” through its earnings. “Management indicated that on-ground demand momentum remained healthy in 3QFY26. During the 30 days leading up to Diwali, the company reported LFL growth of over 30%, reflecting strong festive traction. Demand in Jan’26 also remained robust, supported by healthy consumer footfalls despite volatility in gold prices,” it said.

“With the successful scale-up of franchise businesses (&amp;gt;50% revenue contribution) and stable success in non-Southern markets, the company has established itself as a leading brand in the industry. Consistent success on customer acquisition, improving operating margin, and deleveraging balance sheet remain the key rationale for our constructive view on the business. We model a 21%/18%/22% revenue/EBITDA/PAT CAGR during FY26-28E. We reiterate our BUY rating with a TP of INR600 (based on 35x Dec’27 P/E),” it added.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

SBI's market cap surpasses Rs10 lakh crore, now India's 6th most valuable firm., SBI overtakes ICICI Bank as second-most valuable bank after strong Q3 earnings, SBI shares hit record high, driven by robust profit and improved asset quality

* SBI's market cap surpasses Rs10 lakh crore, now India's 6th most valuable firm.
* SBI overtakes ICICI Bank as second-most valuable bank after strong Q3 earnings
* SBI shares hit record high, driven by robust profit and improved asset quality

State Bank of India’s market cap crossed Rs10 lakh crore, making it India’s sixth most valuable listed firm. SBI overtook ICICI Bank as the second-most valuable bank, driven by strong earnings, improved asset quality, and robust credit growth.

shorts/business/sbi-becomes-sixth-indian-firm-to-cross-rs-10-lakh-crore-mcap

* SBI's market cap surpasses Rs10 lakh crore, now India's 6th most valuable firm.
* SBI overtakes ICICI Bank as second-most valuable bank after strong Q3 earnings
* SBI shares hit record high, driven by robust profit and improved asset quality

With its market capitalisation crossing Rs 10 lakh crore, State Bank of India has entered the ranks of India’s most valuable listed companies. The milestone places the state-owned lender alongside Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services, and ICICI Bank, making it the sixth Indian firm to achieve the feat.

The state-owned lender also regained its position as the second-most valuable bank by mcap, overtaking ICICI Bank after a gap of more than six years. Earlier, on August 6, 2019, SBI’s market capitalisation stood at Rs 2.69 trillion, slightly above ICICI Bank’s Rs 2.65 trillion.

SBI’s mcap stood at about Rs 10.4 lakh crore, ahead of ICICI Bank’s Rs10.03 lakh crore, according to exchange data. HDFC Bank remains the most valuable bank, with a mcap of Rs 14.47 lakh crore.

SBI shares hit a record high of Rs 1,137 on the BSE, rising 6 percent in a single session following strong December quarter earnings. The stock has gained about 15 percent so far in 2026, after rising more than 25 percent in 2025.

The lender reported a strong performance in the third quarter of FY26, with profit after tax rising 24 percent year-on-year and 4 percent quarter-on-quarter, coming in about 25 percent above analyst estimates. Earnings were supported by one-off items, including dividend income of Rs22 billion, an income-tax refund of Rs7.7 billion, and lower employee benefit provisions of Rs14.3 billion quarter-on-quarter. Even after adjusting for these one-offs, profit remained about 5 percent above estimates.

Net interest income rose 9 percent year-on-year and 5 percent quarter-on-quarter, broadly in line with expectations, aided by strong loan growth of 16 percent year-on-year and 6 percent quarter-on-quarter, along with a 5 basis point sequential expansion in net interest margins. Pre-provision operating profit surged 40 percent year-on-year and 20 percent quarter-on-quarter, supported by strong treasury and foreign exchange income and controlled employee costs.

Asset quality continued to improve, with both gross and net slippages declining by 3 basis points sequentially, while credit costs fell by 10 basis points quarter-on-quarter to 0.40 percent. Management raised its FY26 credit growth guidance to 13 to 15 percent and maintained its exit net interest margin guidance of around 3 percent.

JM Financial said stable margins, efficient cost management, and benign credit costs are expected to support consistent profitability, with average return on assets and return on equity of about 1.0 percent and 15 percent, respectively, over FY27–FY28. The brokerage maintained a buy rating on the stock with a revised target price of Rs 1,250, valuing the core bank at 1.4 times FY28 estimated standalone book value per share.

JM Financial added that strong and diversified growth, resilient margins despite deposit pressures, industry-leading asset quality and sizeable provision buffers underpin SBI’s improved earnings visibility and balance-sheet strength.

Motilal Oswal said SBI delivered a strong all-round performance, led by robust business growth, margin expansion and healthy asset quality. The brokerage noted that net interest margin expanded 2 basis points quarter-on-quarter to 2.99 percent, with domestic margins at 3.12 percent. It said SBI expects net interest margins to remain at 3 percent or higher in FY26 and over the long term.

Motilal Oswal added that credit growth remained healthy at 15.6 percent year-on-year, supported by a strong pipeline, while asset quality continued to improve with benign credit costs of 29 basis points. The brokerage raised its earnings estimates by 3 percent and 4.3 percent for FY27 and FY28, respectively, and reiterated a buy rating with a revised target price of Rs 1,300.

Currently, SBI has 42 buy ratings and seven hold ratings, with no sell recommendations. ICICI Bank has 48 buy ratings and two hold ratings, with no sell ratings, according to analyst data.

SBI becomes sixth Indian firm to cross Rs 10 lakh crore mcap

With its market capitalisation crossing Rs 10 lakh crore, State Bank of India has entered the ranks of India’s most valuable listed companies. The milestone places the state-owned lender alongside Reliance Industries, HDFC Bank, Bharti Airtel, Tata Consultancy Services, and ICICI Bank, making it the sixth Indian firm to achieve the feat.

The state-owned lender also regained its position as the second-most valuable bank by mcap, overtaking ICICI Bank after a gap of more than six years. Earlier, on August 6, 2019, SBI’s market capitalisation stood at Rs 2.69 trillion, slightly above ICICI Bank’s Rs 2.65 trillion.

SBI’s mcap stood at about Rs 10.4 lakh crore, ahead of ICICI Bank’s Rs10.03 lakh crore, according to exchange data. HDFC Bank remains the most valuable bank, with a mcap of Rs 14.47 lakh crore.

SBI shares hit a record high of Rs 1,137 on the BSE, rising 6 percent in a single session following strong December quarter earnings. The stock has gained about 15 percent so far in 2026, after rising more than 25 percent in 2025.

The lender reported a strong performance in the third quarter of FY26, with profit after tax rising 24 percent year-on-year and 4 percent quarter-on-quarter, coming in about 25 percent above analyst estimates. Earnings were supported by one-off items, including dividend income of Rs22 billion, an income-tax refund of Rs7.7 billion, and lower employee benefit provisions of Rs14.3 billion quarter-on-quarter. Even after adjusting for these one-offs, profit remained about 5 percent above estimates.

Net interest income rose 9 percent year-on-year and 5 percent quarter-on-quarter, broadly in line with expectations, aided by strong loan growth of 16 percent year-on-year and 6 percent quarter-on-quarter, along with a 5 basis point sequential expansion in net interest margins. Pre-provision operating profit surged 40 percent year-on-year and 20 percent quarter-on-quarter, supported by strong treasury and foreign exchange income and controlled employee costs.

Asset quality continued to improve, with both gross and net slippages declining by 3 basis points sequentially, while credit costs fell by 10 basis points quarter-on-quarter to 0.40 percent. Management raised its FY26 credit growth guidance to 13 to 15 percent and maintained its exit net interest margin guidance of around 3 percent.

JM Financial said stable margins, efficient cost management, and benign credit costs are expected to support consistent profitability, with average return on assets and return on equity of about 1.0 percent and 15 percent, respectively, over FY27–FY28. The brokerage maintained a buy rating on the stock with a revised target price of Rs 1,250, valuing the core bank at 1.4 times FY28 estimated standalone book value per share.

JM Financial added that strong and diversified growth, resilient margins despite deposit pressures, industry-leading asset quality and sizeable provision buffers underpin SBI’s improved earnings visibility and balance-sheet strength.

Motilal Oswal said SBI delivered a strong all-round performance, led by robust business growth, margin expansion and healthy asset quality. The brokerage noted that net interest margin expanded 2 basis points quarter-on-quarter to 2.99 percent, with domestic margins at 3.12 percent. It said SBI expects net interest margins to remain at 3 percent or higher in FY26 and over the long term.

Motilal Oswal added that credit growth remained healthy at 15.6 percent year-on-year, supported by a strong pipeline, while asset quality continued to improve with benign credit costs of 29 basis points. The brokerage raised its earnings estimates by 3 percent and 4.3 percent for FY27 and FY28, respectively, and reiterated a buy rating with a revised target price of Rs 1,300.

Currently, SBI has 42 buy ratings and seven hold ratings, with no sell recommendations. ICICI Bank has 48 buy ratings and two hold ratings, with no sell ratings, according to analyst data.

SBI shares jumped nearly 7 percent after record Q3 net profit and strong results, Brokerages raised targets due to strong loan growth and better asset quality., SBI's Q3 net profit rose 24.49 percent YoY to Rs 21,028.15 crore, highest ever

* SBI shares jumped nearly 7 percent after record Q3 net profit and strong results
* Brokerages raised targets due to strong loan growth and better asset quality.
* SBI's Q3 net profit rose 24.49 percent YoY to Rs 21,028.15 crore, highest ever

SBI shares surged nearly 7% to a record high after Q3 results beat expectations, with net profit up 24.49% YoY to Rs 21,028 crore. Brokerages raised target prices, citing strong loan growth, improved asset quality, and robust earnings.

shorts/business/sbi-shares-jump-7-to-record-high-after-lender-posts-highest-ever-quarterly-profit-in-q3-brokerages-raise-target-prices

* SBI shares jumped nearly 7 percent after record Q3 net profit and strong results
* Brokerages raised targets due to strong loan growth and better asset quality.
* SBI's Q3 net profit rose 24.49 percent YoY to Rs 21,028.15 crore, highest ever

The shares of State Bank of India (<a href="https://www.moneycontrol.com/india/stockpricequote/banks-public-sector/statebankindia/SBI">SBI</a>) jumped nearly 7 percent to a fresh record high on February 9 after the public lender’s Q3 results surpassed expectations. Several brokerages raised their target prices for the stock.

The shares of the company hit a fresh 52-week high of Rs 1,137 apiece in the morning trading hours of Monday.
<h3><strong>SBI Q3 Results:</strong></h3>
SBI on February 7 reported a net profit after minority interest of Rs 21,028.15 crore for the October-December quarter of the ongoing financial year 2026. This is the highest-ever quaterly net profit reported by the banking behemoth.

This marks a <a href="https://www.moneycontrol.com/news/business/earnings/sbi-q3fy26-profit-jumps-24-5-to-rs-21-028-crore-gross-npa-ratio-improves-to-1-57-13816638.html">24.49 percent year-on-year (YoY) increase</a> from the Rs 16,891.44 crore net profit reported in the same quarter of the previous financial year.

The public lender’s net interest income (NII) meanwhile grew 9 percent YoY to Rs 45,190 crore during the quarter under review from Rs 41,445 crore in the year-ago period, reflecting steady growth in core lending income.

Sequentially, SBI’s asset quality improved, with gross NPA ratio improving to 1.57 percent in Q3 FY26 from 1.73 percent in Q2 FY26. Net NPA ratio meanwhile declined to 0.39 percent in Q3 FY26 from 0.42 percent in Q2 FY26.

Provisions for the quarter stood at Rs 4,506 crore, lower than Rs 5,400 crore in the previous quarter and sharply down from Rs 911 crore a year earlier, indicating easing credit costs.

The bank's management also raised SBI's loan growth guidance for FY26 to 13–15 percent, from the earlier 12–14 percent.
<h3><strong>Nomura on SBI:</strong></h3>
Nomura maintained its ‘Buy’ call on SBI shares, while raising its target price to Rs 1,235 apiece. This implies an upside potential of nearly 16 percent from the stock’s previous closing price.

The international brokerage said that the company delivered an “strong all-round” performance during the quarter, with better margin delivery and loan growth in comparison to its peers. It added that strong NIM performance, controlled opex and higher other income drove a beat on profit after tax.

Nomura further noted that loan growth was strong and broad based, while asset quality remained stable. Incremental upside is expected to be largely earnings-driven, rather than multiple-led, it added.
<h3><strong>CLSA on SBI:</strong></h3>
CLSA maintained an ‘Outperform’ rating on the stock, while raising its target price to Rs 1,275 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price.

The international brokerage said that the lender posted Stronger-than-expected Q3 results, with core PPoP and PBT beating estimates by 4-11 percent.

Loan growth picked up from 13 percent to 15 percent YoY, and sequential loan growth outperformed PSU peers as well as large private banks, it added. Margin improved 2 bps QoQ to 3 percent due to a lower cost of deposits, it said, adding that slippages declined sequentially and credit costs were much better than expected.
<h3><strong>Citi on SBI:</strong></h3>
Citi kept a ‘Buy’ call on SBI shares, and raised its target price to Rs 1,265 per share. This implies an upside potential of nearly 19 percent from the stock’s previous closing price.

The international brokerage said that the lender’s core earni9ngs surpassed expectations. Broad-based growth across SME, corporate, agri &amp; Xpress credit led management to raise FY26 loan growth guidance to 13-15 percent, it added.

Citi added that NIMs are expected to sustain at or above 3 percent. Disciplined underwriting and recoveries should support asset quality, it said.
<h3><strong>Jefferies on SBI:</strong></h3>
Jefferies kept a ‘Buy’ call on SBI shares, and raised its target price for the stock to Rs 1,300 apiece. This implies an upside potential of nearly 22 percent from the stock’s previous closing price.

The international brokerage said that the firm’s Q3 results beat estimates, driven by higher other income and lower credit costs. Loan growth improved to 15 percent, NII growth was the leading among the peers at 9 percent, fees grew 16 percent and credit costs remained low, it added.
<h3><strong>Nuvama on SBI:</strong></h3>
Nuvama kept a ‘Buy’ call on SBI shares, and raised its target price to Rs 1,250 per share. The international brokerage said that the lender posted strong core earnings with 6 percent QoQ loan growth and 5 percent QoQ NII growth.

It added that PAT was above estimate due to a Rs 2,200 crore dividend from SBI AMC and Rs 770 crore interest on tax refunds. Reported NIM rose 2 bps QoQ, while core NIM ex-refund dipped.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-gift-nifty-indicates-a-gap-up-start-us-asian-markets-gain-liveblog-13817633.html">LIVE updates</a> on stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

SBI shares jump 7% to record high after lender posts highest-ever quarterly profit in Q3: Brokerages raise target prices

SBI share price jumps 7% to record high after lender posts highest-ever quarterly profit in Q3: Brokerages raise target prices

The shares of State Bank of India (SBI) jumped nearly 7 percent to a fresh record high on February 9 after the public lender’s Q3 results surpassed expectations. Several brokerages raised their target prices for the stock.

The shares of the company hit a fresh 52-week high of Rs 1,137 apiece in the morning trading hours of Monday.
SBI Q3 Results:
SBI on February 7 reported a net profit after minority interest of Rs 21,028.15 crore for the October-December quarter of the ongoing financial year 2026. This is the highest-ever quaterly net profit reported by the banking behemoth.

This marks a 24.49 percent year-on-year (YoY) increase from the Rs 16,891.44 crore net profit reported in the same quarter of the previous financial year.

The public lender’s net interest income (NII) meanwhile grew 9 percent YoY to Rs 45,190 crore during the quarter under review from Rs 41,445 crore in the year-ago period, reflecting steady growth in core lending income.

Sequentially, SBI’s asset quality improved, with gross NPA ratio improving to 1.57 percent in Q3 FY26 from 1.73 percent in Q2 FY26. Net NPA ratio meanwhile declined to 0.39 percent in Q3 FY26 from 0.42 percent in Q2 FY26.

Provisions for the quarter stood at Rs 4,506 crore, lower than Rs 5,400 crore in the previous quarter and sharply down from Rs 911 crore a year earlier, indicating easing credit costs.

The bank's management also raised SBI's loan growth guidance for FY26 to 13–15 percent, from the earlier 12–14 percent.
Nomura on SBI:
Nomura maintained its ‘Buy’ call on SBI shares, while raising its target price to Rs 1,235 apiece. This implies an upside potential of nearly 16 percent from the stock’s previous closing price.

The international brokerage said that the company delivered an “strong all-round” performance during the quarter, with better margin delivery and loan growth in comparison to its peers. It added that strong NIM performance, controlled opex and higher other income drove a beat on profit after tax.

Nomura further noted that loan growth was strong and broad based, while asset quality remained stable. Incremental upside is expected to be largely earnings-driven, rather than multiple-led, it added.
CLSA on SBI:
CLSA maintained an ‘Outperform’ rating on the stock, while raising its target price to Rs 1,275 apiece. This implies an upside potential of nearly 20 percent from the stock’s previous closing price.

The international brokerage said that the lender posted Stronger-than-expected Q3 results, with core PPoP and PBT beating estimates by 4-11 percent.

Loan growth picked up from 13 percent to 15 percent YoY, and sequential loan growth outperformed PSU peers as well as large private banks, it added. Margin improved 2 bps QoQ to 3 percent due to a lower cost of deposits, it said, adding that slippages declined sequentially and credit costs were much better than expected.
Citi on SBI:
Citi kept a ‘Buy’ call on SBI shares, and raised its target price to Rs 1,265 per share. This implies an upside potential of nearly 19 percent from the stock’s previous closing price.

The international brokerage said that the lender’s core earni9ngs surpassed expectations. Broad-based growth across SME, corporate, agri &amp;amp; Xpress credit led management to raise FY26 loan growth guidance to 13-15 percent, it added.

Citi added that NIMs are expected to sustain at or above 3 percent. Disciplined underwriting and recoveries should support asset quality, it said.
Jefferies on SBI:
Jefferies kept a ‘Buy’ call on SBI shares, and raised its target price for the stock to Rs 1,300 apiece. This implies an upside potential of nearly 22 percent from the stock’s previous closing price.

The international brokerage said that the firm’s Q3 results beat estimates, driven by higher other income and lower credit costs. Loan growth improved to 15 percent, NII growth was the leading among the peers at 9 percent, fees grew 16 percent and credit costs remained low, it added.
Nuvama on SBI:
Nuvama kept a ‘Buy’ call on SBI shares, and raised its target price to Rs 1,250 per share. The international brokerage said that the lender posted strong core earnings with 6 percent QoQ loan growth and 5 percent QoQ NII growth.

It added that PAT was above estimate due to a Rs 2,200 crore dividend from SBI AMC and Rs 770 crore interest on tax refunds. Reported NIM rose 2 bps QoQ, while core NIM ex-refund dipped.

Follow all LIVE updates on stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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