SBI share price rises ahead of March quarter results

Stocks

India’s largest lender will report its quarterly earnings for the March quarter today

Punjab National Bank | Capital Raising Committee of the bank approved the allotment of 53,33,33,333 equity shares to eligible qualified institutional buyers at an issue price of Rs 33.75 per equity share, aggregating to Rs 1799.99 crore.

Punjab National Bank | Capital Raising Committee of the bank approved the allotment of 53,33,33,333 equity shares to eligible qualified institutional buyers at an issue price of Rs 33.75 per equity share, aggregating to Rs 1799.99 crore.

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State Bank of India (SBI) share price gained almost 2 percent at open on May 21 ahead of its March quarter results.

India’s largest lender will report its quarterly earnings for the March quarter today, May 21. The bank is expected to report an over 100 percent year-on-year growth in standalone profit for the March 2021 quarter, driven by a decline in provisions, healthy net interest income & pre-provision operating profit. Brokerages expect the low base of the previous fiscal to also support numbers in Q4.

Also Read:┬áSBI to announce Q4 numbers today: Here’s what to expect

According to estimates, net interest income (NII), the difference between interest earned and interest expended, could grow more than 25 percent, while non-interest income (other income) could see a YoY decline as the base quarter was aided by the sale of stake in SBI Card. Pre-provision operating profit is likely to grow around 17 percent YoY.

The stock was trading at Rs 389.00, up Rs 4.45, or 1.16 percent at 09:25 hours. It has touched an intraday high of Rs 393.10 and an intraday low of Rs 388.45.

Axis Securities has SBI as one of its top picks. It recommends buying the stock with target price of Rs 477 per share.

The stock price has already zoomed 100 percent in the last 9 months and is expected to move even higher.

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