Technical Analysis

Saturday, November 1, 2008

State Bank of India

ICICI Securities maintains buy on State Bank of India
1 Nov, 2008.

ICICI Securities has maintained its “buy” rating on SBI, with a price target of Rs1,668, after its second quarter results. “We raise estimated FY09 and FY10 earnings by 8.2% and 4.1% respectively, but lower estimates for other businesses and associate banks,” the brokerage said in a client note.

The state-owned bank’s July-September quarter results exceeded market and ICICI Securities’ estimates. “We believe NIMs (net interest margins) will hold at roughly 3% despite funding cost pressures on account of the recent CRR cut and the pricing power enjoyed by banks,” it added.
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