SBI Maintains Market Share Leadership Position Across Key Products, Says Nirmal Bangs Retaining 'Buy'

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Nirmal Bang Report

We have valued State Bank of India at 1.35x Mar-27E adjusted book value + subsidiary value per share of Rs 252.3, thus deriving a target price of Rs 1,013 (Rs 1,010 earlier).

We are positive on SBI for the long-term considering the bank’s leadership position in corporate and retail lending (which enables it to choose the best quality credit), ample liquidity on the balance sheet (which should provide stability to its margins), and pristine asset quality.

We maintain Buy on SBI.

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