Long Term Buy Call For SBI

Long Term Buy Call For SBITechnical analyst Sanjay Surekha has maintained 'buy' rating on State Bank Of India Limited (SBI) stock with a long term target that lies between Rs 2950-3000.

The stock can be bought with a stop loss of Rs 2650.

The stock of the company, on December 29, closed at Rs 2752.80 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 3515 and a low of Rs 1890 on BSE.

Current EPS & P/E ratio stood at 153.76 and 17.92 respectively.

India's largest banking institution State Bank of India (SBI) is all set to provide a concessional interest rate to those establishing high value dairy, poultry, horticulture projects and also for the creation of storage warehouses, rustic godowns as well as cold storages.

The novel interest rates, between 10% and 10.5%, are against the prevailing card rates of 12.10% to 14.85% provided under the bank's farming loans.

In a major announcement, SBI said that it will lengthen teaser loan rates beyond December 31.

As per latest reports, Pratip Chaudhuri, SBI's deputy managing director, is likely to be the next chairman of the India's biggest bank.

SBI is eyeing to launch another 30 foreign branches by 2011 to augment the size of its international balance sheet.

"We plan to add about 30 more overseas offices in our network in the next 12 month," a senior SBI official said.

At present, the bank owns 151 offices crosswise 32 nations comprising the US, the UK, Singapore, Canada and Mauritius.