Share price of State Bank of India (SBI) jumped over 2 percent during intraday trade on Friday to become the second top gainer of the day, after research firm Citi maintained its ‘buy’ call on the lender and raised price on the market.
Citi has raised the target price by Rs 25 reaching to Rs 400 from Rs 375 per share of the higher target for SBI Life and higher multiple on core banking business.
It believes that the lender would be able to stabilize its primary operating parameters, while merger of its associate banks should provide leverage to gain market share.
At 1227 hours share price jumped at Rs 337.30, up Rs 7.50, or 2.27 percent on the BSE.
On July 18 the SBI share price touched its 52-week high of Rs 373.70, whereas on October 09, it hit the 52-week low Rs 244.35.
(With input from agencies)