SBI share price today: 13 pct jump! Make money from this stock, check strategy by expert here

SBI share price today has surged by a whopping 13 per cent in the intraday trade session after the strong sequential quarterly number of the largest Indian commercial bank.

SBI once again surprised positively on asset quality, a phenomenon seen among large banks, leading to contained provisions and thus strong 70%+ PAT (Profit After Tax) beat at Rs 52 bn. Photo: Reuters

SBI share price today has surged by a whopping 13 per cent in the intraday trade session after the strong sequential quarterly number of the largest Indian commercial bank. After the stock market opening bell, SBI share price has been rising and currently is around 13 per cent up from its Thursday close of Rs 355.10.

Why is SBI share price rising today?
According to the stock market experts, SBI's sequential numbers announced for the third quarter have been surprising and beyond expectations. They said that during the recent stock market rebound SBI share price was underperforming. But, after the strong quarterly numbers were announced, they are now expecting momentum in SBI stock price. Experts are expecting SBI stock price to hit Rs 460 levels in the long-term perspective.

Expectations from SBI
Speaking on the fundamentals supporting SBI share price; Rajiv Mehta, Lead Analyst at Yes Securities said, "With capital and credit scenario no more a constraint, SBI’s loan growth is expected to move past 10-12 per cent over the medium term supported by increasing lending opportunities. The stand-alone bank trades at an undemanding valuation of 4 times PE multiple."

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SBI share price - strategy
On his strategy in regard to the SBI share price, Mehta said that one can buy the stock for a target of Rs 440.

Anand Dama, Research Analyst at Emkay Global Securities expects SBI share price to rise even more. He said, "SBI once again surprised positively on asset quality, a phenomenon seen among large banks, leading to contained provisions and thus strong 70%+ PAT (Profit After Tax) beat at Rs 52 bn. SBI retail credit growth is nearing pre-Covid levels (up 16 per cent yoy), in turn led by mortgages where it commands leadership position, car loans and express personal credit built largely around PSU employees. With the capex cycle too expected to pick-up, we expect better growth for SBI."

Dama said that in the long-term, say 12-months, SBI share price may even go up to Rs 460 levels.

What technical charts suggest
Speaking on SBI share price Rohit Singre, Senior Technical Research Analyst, LKP Securities said, "SBI shares are poised to go upside up to Rs 500 in the long-term perspective but one can maintain the stop loss below Rs 360 as this working as strong curent support level for the SBI stock.

SBI share price today was Rs 399.55, up 44.45 points or 12.52%.

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