Karvy Stock Broking Limited has maintained ‘sell’ rating on State Bank of India (SBI) stock with an intraday target of Rs 1500. 

According to Karvy, interested traders can sell the stock between Rs 1560-1565 with a strict stop loss of Rs 1590. 
 
Karvy feels that SBIN stock would remain under pressure due to recent market volatility. 

Today, the stock opened weak at Rs 1550, against its last closure at Rs 1566.70 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 109.38 and 13.87 respectively. The share price has seen a 52-week high of Rs 2387.60 and a low of Rs 1007 on BSE. 

Karvy also suggested that if the stock fell below Rs 1495, it may see more weakness. So the investors must sell the stock in today’s session. After selling the stock in today’s session, the interested investors can repurchase the stock at a down price, for long term period to earn good profits.

State Bank of Indore and State Bank of Patiala may be merged with State Bank of India (SBI). 

The said merger would be accompanied by amalgamation of other affiliates with SBI. Indian govt is pushing for the joining of only 100 percent owned subsidiaries of SBI during the initial phase. SBP is 100 percent owned by SBI. In State Bank of Indore, SBI possesses 98.05 percent equity stake. SBH is another unlisted unit that is totally owned by SBI. 

Opposing the amalgamation of associate banking institutions of SBI, Officers’ Association of State Bank of India has called for an indefinite nationwide strike from October 20, 2008.

SBI, on Sep 11, said that it is awaiting the Cabinet approval for merger of its associate State Bank of Saurashtra (SBS) with itself.

The board of both banks had already approved the proposed merger in August 2007 despite opposition from a section of bank staff.