SBI share price gains after CLSA maintains buy rating and raises target to Rs 360

SBI share price gains after CLSA maintains buy rating and raises target to Rs 360

On December 3 State Bank of India's share price gained a percent at open December 3 after CLSA maintained a buy call on the stock.

The global research firm has also raised the target to Rs 360 from Rs 330 per share. The stock is up 25 percent in the past four months but CLSA still sees value in the stock, according to a CNBC-TV18 report.

The research firm has reduced its FY21 slippage estimate to Rs 60,000 crore and has increased FY21 earnings estimates by 6-12 percent adding that concerns around national service and capital raise are receding.

The stock was trading at Rs 248.75, up Rs 1.95, or 0.79 percent at 9:25 hours. It has touched an intraday high of Rs 250.00 and an intraday low of Rs 248.05.

The company reported a 51.9 percent year-on-year growth in standalone profit for the September quarter at Rs 4,574 crore compared to Rs 3,012 crore in the year-ago period.