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Banking major, State Bank of India (SBI) Limited’s shares reached a lifetime high of ₹ 574.85 apiece on the National Stock Exchange (NSE). The shares surged 3.02% on Wednesday’s trades. 

The public sector lender stood seventh in the overall market cap ranking with a market cap of over ₹ 5 lakh crores on Wednesday’s trades. With this SBI has become the third lender after HDFC Bank and ICICI Bank to cross a market capitalization of ₹ 5 lakh crores. 

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SBI has outperformed the market in the past three months. The bank’s shares surged 28% in the past three months as against a 15% rise in the benchmark indices. 

JM Financial has a buy call on the shares of the bank with a target price of ₹ 660 per share. This implies an upside of 15.16% as compared to the current share price of ₹ 573.10. They said that SBI is likely to be the key beneficiary of the system uptick in credit demand, led by corporate credit growth. 

In addition, they mentioned in their report that SBI’s core fundamentals continue to be on a strong footing and improvement in systemic growth should drive incremental re-rating for the stock. 

“After Covid, infrastructure sector is expected to push the Indian economy and hence market is expecting huge corporate demand. As SBI is largest corporate funding bank in India, stock market has gone bullish on the stock,” said Ravi Singhal, CEO at GCL Securities. 

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Written by Simran Bafna

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