SBI shares are also trading at a record high, having gained 40% so far in 2024. On the charts, SBI’s relative strength index (RSI) is at 74, indicating that the stock is in “overbought” territory. An RSI reading above 70 suggests so.
SBI is the third most valued bank in terms of market capitalisation, following HDFC Bank and ICICI Bank. ICICI Bank’s market capitalisation also crossed the mark of ₹8 lakh crore on Monday.
In an exclusive interaction with CNBC-TV18 on the sidelines of the BofA Securities Investor conference, SBI Chairman Dinesh Khara said that he is expecting the Reserve Bank of India to cut interest rates in the third quarter of financial year 2025. He also added that in case there is a rating upgrade for the Indian economy, it will help them lower the cost of funds.
Khara also expects high economic activity in the future. When it comes to SBI selling stake in Yes Bank, Khara said they will “wait and watch.”
SBI had stunned the street after delivering astrong performance in the March quarter. Loan growth on a sequential basis by 5%, while annualised slippage ratio was the lowest in the last four quarters. Asset quality also improved on a sequential basis.
Out of the 51 analysts that have coverage on SBI, 40 of them have a “buy” rating on the stock, eight say “hold,” while three of them have a “sell” recommendation on the stock.
Shares of State Bank of India are trading 7.7% higher at ₹894.60.
