SBI hits record high post Q3 results; CLSA lists 3 triggers for re-rating

CLSA has raised its target price on SBI's stock by an impressive 45.45 per cent to Rs 560 from Rs 385. This also reflects a 58 per cent upside from the stock's market price as on Thursday

Positively surprising Street for sixth quarter in a row, State Bank of India (SBI) on Thursday reported a beat on its December quarter results (Q3FY21) on the back of healthy asset quality, fewer fresh slippages, and lower-than-projected rise in provisions.

At the bourses, investors rewarded the stock as it hit a lifetime high of Rs 408 apiece, up 15 per cent on the BSE in the intra-day trade. It surpassed its previous record high of Rs 373.7 per share hit on July 18, 2019. The stock closed around 11 per cent higher on the BSE, as against a 0.23