SBI Share Price Today: Stock Hits Record High, Nears Rs 1,000-Mark

Shares of State Bank of India (SBI), the country's largest lender scaled fresh record levels on Wednesday, coming within touching distance of the Rs 1,000 mark.

The stock rose over 3% on Wednesday and it rose nearly 2% on Tuesday. SBI was also among the biggest contributor in Nifty PSU Bank helping the hit another fresh all-time high.

Interestingly, the shares were close to the Rs 1,000-mark. But whether it will cross that mark on Wednesday or the coming sessions is yet to be seen.

SBI reported a 6.84% jump in consolidated net profit for the September quarter at Rs 21,137 crore, helped by a gain of Rs 4,593 crore from its stake sale in Yes Bank.

Operating profit saw a decline of 6.8% YoY, falling to Rs 27,311 crore from Rs 29,294 crore.

The bank's Net Interest Income (NII) registered growth of 3% on a year-on-year basis, reaching Rs 42,984 crore.

On the asset quality front, the bank showed significant improvement. The Gross Non-Performing Assets (NPA) ratio improved to 1.73% from 1.83% in the previous quarter.

The Net NPA ratio also saw a healthy decline, falling to 0.42% from 0.47% quarter-on-quarter.

However, the bank increased its provisions, which rose 19.9% on a year-on-year basis and 13.5% on a quarter-on-quarter basis to Rs 5,400 crore.

The scrip rose as much as 3.53% to Rs 999.00 apiece, paring gains to trade 1.19% higher at Rs 995.35 apiece, as of 10:55 a.m. This compares to a 0.97% advance in the NSE Nifty 50 Index.

It has risen 25.00% on a year-to-date basis, and 18.37 % in the last 12 months. The relative strength index was at 66.75.

Out of 50 analysts tracking the company, 41 maintain a 'buy' rating, eight recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.37%.