State Bank of India (SBI) has surged 5% to Rs 2,104 in late noon trades on the National Stock Exchange.The stock has outperforming the market by rallying almost 14%, compared with 2.1% rise in benchmark index, after reported a better-than-expected net profit at Rs 4,050 crore for the quarter ended March 2012 as against Rs 21 crore in the corresponding quarter of previous fiscal.
“Sign of improvement witnessed on the asset quality front, with decline in both gross and net non-performing assets (NPA) ratios on sequentially lower slippages, was the key positive from the result,” analyst at Angel Broking said in report by recommending a Buy on the stock with a target price of Rs 2,486.
A combined 3.90 million shares have changed hands on the counter so far on both the exchanges.
