Technical analyst Simi Bhaumik is bullish on State Bank of India (SBI) and has maintained 'buy' rating on the stock to attain a target of Rs 2654.

Mr. Bhaumik said that the stock can be purchased with a stop loss of Rs 2610.

Today, the stock of the bank opened at Rs 2615 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 3515 and a low of Rs 2027 on BSE.

Current EPS & P/E ratio stood at 159.26 and 16.55 respectively.

The State Bank of India (SBI) bond issue has witnessed strong subscription.

Hemant Contractor chief financial officer of SBI stated, "The total amount of subscription was about Rs 8,426 crore. The issue oversubscribed by 8.4 times."

"In retail the total subscription is of Rs 4,518 crore and the balance Rs 3,900 crore has come in the non-retail category," he added.

As per reports, the banking institution could become a gigantic bank by the nest 18 months.

The reports also said that the country's major bank is eying to merge all its subsidiary banking institutions with itself by the next 12 to 18 months.

This integration will be greatly helpful to the SBI Group as it would pull in economies of scale, diminish administrative operating costs, assist re-deploy and channel trained work force to biz growth.