Wednesday 19 November 2008

Buy State Bank of India: Indiabulls

Indiabulls Securities Research has upgraded its rating on State Bank of India (SBI) to buy in its November 10, 2008 research report. "State Bank of India’s operating profit and net profit for Q2’09 surged 54.5% and 40.2% yoy, respectively, exhibiting a strong performance. While we expect the economic slowdown to adversely impact the Bank’s performance in the near-to-medium term, we believe that most of the negatives have been factored in the current price. Our fair value estimate is Rs 1,541. We, therefore, upgrade our rating to BUY," says Indiabulls Securities' research report.

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Source: Moneycontrol

Posted by Harsh at 08:55

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