Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on State Bank of India (SBI) with a short target of Rs 1710-1750.

The report further stated that, if the counter is successful to breach 1675, then it will create a huge breakout.

Interested investors can buy the stock on dips and hold.

In addition, the firm has suggested a support level for the scrip at Rs 1580.

Today (June 16), the stock opened at Rs 1623.90, as against its last closure of Rs 1637 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 143.67 and 11.46 respectively. The share price has seen a 52-week high of Rs 1935 and a low of Rs 894 on BSE.

State Bank of India (SBI) is eyeing to list its name among top ten banking institutions in the world by the next 3-5 years.

SBI Chairman OP Bhatt said that the bank has set a high worldwide goal and it plan to open ten new foreign branches in 2009-10.

These branches will be opened in Hong Kong, Singapore and United Kingdom among other places.

"Even if one puts together market capital of 89 scheduled banks of India, it is not equivalent to that of one leading bank of China," he said, adding that no Indian bank is presently in top 50 banks of world. Indian banks must grow as Indian industries are turning global with investments outside India, said Bhatt, advocating for consolidation.

State Bank of India has slashed the depository rates on all maturities by 25 basis points.

Now, SBI will provide a rate of 7.5% on its special 1,000-day deposit scheme and a rate of 8% on the 8-10 year term deposits.

The rate on deposits with maturity between 15 to 45 days is 3%, 4% for deposits between 46 to 90 days, 5.25% for 91 to 180 days and 6.25% on deposits with maturity between 181 days to 365 days.

For deposits between 1-2 years, the rate is 7% and for deposits with maturity up to 2-years and below 1,000 days, the rate is 7.25%.

SBI, on June 08, said that it will set up `several` other funds to cash in on the region after introducing an infrastructure fund in affiliation with Macquaire and IFC.

With a view to stretch out to all major centres across India, SBI is likely to double up the total number of its divisions for retail sales of gold coins to 1,100 during the existing financial.