Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SBI Shares Drop 5% as Brokerages Cut Price Target After Quarterly Results

Brokerages like Jefferies, CLSA, Citi, Kotak and IDFC cut their 12-month price target on SBI shares due to the elevated stress on the bank’s balance sheet.

Trending Desk

Updated:August 5, 2019, 12:27 PM IST
facebookTwitterskypewhatsapp
SBI Shares Drop 5% as Brokerages Cut Price Target After Quarterly Results
Image for representation.
Loading...

State Bank of India (SBI) shares dropped over 5% in intraday trade on Monday, i.e. 5 August, after the lender’s June quarter results announced on Friday prompted brokerage houses to slash their price targets for the stock.

At 11:30 am, shares of SBI were trading at Rs 294.65, down 4.5%, on BSE after hitting an intra-day low of Rs 291.70. Notably, BSE Bankex was also trading lower by 2.5%, while the Nifty PSU bank index was down 3.5%. Meanwhile, the S&P BSE Sensex was down nearly 800 points in afternoon trade.

Brokerages like Jefferies, CLSA, Citi, Kotak and IDFC cut their 12-month price target on SBI shares due to the elevated stress on the bank’s balance sheet. However, most of them remained bullish on the stock.

CLSA gave a ‘buy’ call on the SBI stock, but cut its target price to Rs 380 per share from Rs 420 earlier. Citi also gave a ‘buy’ call on the stock, while reducing its target price to Rs 400 per share from Rs 415 earlier.

Jefferies slashed SBI’s price target to Rs 370 per share. Kotak also maintained a ‘buy’ call on the stock, but cut its target to Rs 390 per share from Rs 410 earlier.

IDFC Securities maintained 'outperform' rating citing SBI’s inexpensive valuation, while cutting target price to Rs 365 per share.

SBI, on Friday, had reported net profit of Rs 2,312 crore in the June quarter as against the loss of Rs 4,875.85 crore in the corresponding quarter last year. However, gross slippages during the quarter increased sharply by 116% quarter-on-quarter to Rs 16,212 crore, leading to an increase in slippage ratio to 2.83% in the June quarter, from 1.39% in the previous March quarter.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 9,016.25 0.21
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,714.20 1.68
Infosys 799.55 0.84
Bajaj Auto 2,764.00 0.77
HUL 1,849.90 0.48
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results