SBI share price rises 2% as FPIs raised stake in December quarter
Goldman Sachs has maintained buy on SBI with a target at Rs 383 per share.
January 13, 2021 / 09:49 AM IST
State Bank of India (SBI) share price rose more than 2 percent in early trade on January 13 after FPIs raised stake in the company in the quarter ended December 2020.
Mutual Funds reduced stake in the bank to 12.72 percent in the December quarter from 12.95 percent in the September quarter.
LIC also lowered its shareholding to 9.74 percent from 10 percent in same periods,
Meanwhile, FPIs raised stake in the company to 9.82 percent from 7.75 percent in the quarter ended December 2020.
Goldman Sachs has maintained buy on SBI with a target at Rs 383 per share. The research house added the stock to the conviction list.
The company is one of the most attractive names within our coverage, said Goldman Sachs.
Despite 40% rise in last 5 months, investors still pricing in 60% hit to its FY21e book value and not only balance sheet protection, but there are other drivers that market is yet to fully appreciate, reported CNBC-TV18.
At 09:27 hrs State Bank of India was quoting at Rs 298.60, up Rs 6.10, or 2.09 percent on the BSE.
The share touched its 52-week high Rs 335.25 and 52-week low Rs 149.55 on 13 January, 2020 and 22 May, 2020, respectively.
Currently, it is trading 10.93 percent below its 52-week high and 99.67 percent above its 52-week low.