SBI Share: SBI share that shakes the bar

SBI, India's largest bank, had its share price reach an all-time high today (November 7) following a huge increase in earnings.

In today's trading, SBI's share price increased by almost 4% to Rs 622. SBI has disclosed its profit figures for the September quarter. As a result, SBI Bank's earnings for the September quarter reached an all-time high of Rs 13,265 crore.

SBI Bank's earnings increased 74% year on year in the September quarter. SBI Bank's loans have also grown. Similarly, interest income has increased dramatically.

As a consequence, the share price of SBI today reached a new high of Rs 622. In the previous five years, the share price of SBI has more than doubled. Various brokerage firms, including ICICI Securities, have assigned bullish recommendations to SBI shares in the present scenario.

The target price for SBI shares has been upped by Goldman Sachs to Rs 770. It should be noted that the business suggested purchasing SBI shares when it was trading at Rs 594.

JP Morgan has also lifted its target price for SBI shares from Rs 650 to Rs 720.