Investment advisor Sanjeev Bhasin has maintained 'buy' rating on State Bank of India (SBI) stock to attain a short-term target of Rs 2950-2980.

According to analyst, the investors can buy the stock with a stop loss of Rs 2880.

Today, the stock of the bank opened at Rs 2924.40 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 159.26 and 18.19 respectively.

The share price has seen a 52-week high of Rs 3515 and a low of Rs 2148.50 on BSE.

Credit Suisse has lifted up SBI to neutral from underperform on April 25, after the RBI relaxed provisioning standards for banking institutions.

Credit Suisse stated that the bank will be the main beneficiary of RBI's move and figured that its provision expense by the coming five quarters may now be 20 billion to 35 billion rupees lower than previous anticipations.

Moreover, the finance bureau has asked the banking institution to figure out the cost implications of coalescing the rest five associate banking institutions with itself before the administration sanctions the proposed rights issue.