Public sector lender, State Bank of India (SBI) on Tuesday gained momentum after the bank announced its plan to raise $2 billion through senior unsecured notes in FY24. The members of the board of creditors will meet on April 18 and consider it. Brokerage Prabhudas Lilladher is positive on the stock.
while writing, State Bank Of India traded on shares above 532.85 6.55 or 1.24% on BSE. The stock was near the day’s high 535.50 each. Overall, the stock climbed more than 1.7% on the day.
Its market cap is over There is a profit of Rs 4,75,369.45 crore at the current market price Rs 5,667.12 crore approx from previous day’s print 4,69,702.33 crores.
On Monday, SBI announced that the executive committee of the central board is scheduled to meet on April 18, 2023—to examine the situation and take a decision on long-term fundraising of up to $2 billion.
$2 billion will be raised through the issuance of senior unsecured notes in us dollars or any other convertible foreign currency during the financial year 2023-24.
The board will consider whether the $2 billion should be raised in one or several tranches. Also whether it should be a public offer or a private placement.
On share price, Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher said, “The stock formed a double bottom formation like pattern in the daily chart and has largely recovered and moved up from there.”
Parekh said “We still anticipate further momentum in this stock to achieve higher targets and with this the RSI indicator is reversing the buy signal, it has maintained a positive bias. We continue to buy this stock Recommend Buy for a target above 590. Stop at 510.”
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