Indian lender SBI`s stock hits record high on ``best-in-class`` results
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Shares of State Bank of India (SBI) climbed nearly 5% to an all-time high on Monday after the country's largest lender reported a record quarterly profit and said it expects credit growth to remain in double-digits.
SBI's shares rose as much as 4.8% to a record high of 622.70 rupees in early trading, continuing a recent rally that has seen the stock gain roughly 17% since mid-October, accounting for about half of its surge so far this year.
At least 25 of the 40 brokerages covering the stock have raised their price targets since SBI's results over the weekend, lifting the median target to 700 rupees from about 660 rupees, Refinitiv data showed.
The lender's net profit surged 74% to 132.64 billion Indian rupees ($1.61 billion) in the September quarter, crushing estimates of 105.30 billion rupees, according to Refinitiv data.
SBI is "firing on all cylinders," ICICI Securities analyst Kunal Shah wrote in a note.
