SBI hits new 52-week high ahead of earnings release for Q2FY23

25 Oct 2022 , 01:48 PM

In Tuesday's intra-day trade, shares of State Bank of India (SBI) climbed nearly 2% to a record high of Rs580 a piece on the BSE in anticipation of excellent earnings in the September quarter (Q2FY23) following ICICI Bank's healthy results for this time.

The state-owned company's shares exceeded its previous high of Rs578.65, set on September 15, 2022.

At 1.40 PM, State Bank of India was trading at Rs578.70 up by 1.46% from its previous closing of Rs570.35 on the BSE. The scrip touched intraday high and low of Rs579.95 and Rs568.05 respectively.

Among PSU banks, SBI stands to benefit the most from the systemic increase in loan demand. Analysts say SBI is one of the best-positioned companies in the industry, with rising signs of momentum in corporate demand and a possible CAPEX upturn in FY24.

SBI's stock price has increased by 11% in the last eight trading days. On October 7, 2022, the rating agency CARE Ratings reaffirmed the bank's facilities and instruments with a stable outlook.

SBI's board of directors will meet on November 5, 2022, to review and approve financial results for the quarter and half year ended September 30, 2022.

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