SBI Share: SBI share that shakes the bar.. Can you buy now? – India’s largest bank SBI share price hits new high after stellar Q2 performance brokerages revise targets

India’s largest bank SBI’s share price hit an all-time high during the stock trade today (November 7) following a significant increase in profits.

SBI’s share price rose around 4% to touch Rs 622 in today’s trade. SBI had released its earnings data for the September quarter. Accordingly, SBI Bank’s profit for the September quarter rose to an all-time high of Rs 13,265 crore.

SBI Bank’s profit rose 74% in September quarter compared to last year’s September quarter. The loans given by SBI Bank have also increased. Similarly, interest income has also risen significantly.

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As a result SBI share price touched a new high of Rs 622 today. SBI share price has doubled in last five years. In the current environment, various brokerage houses including ICICI Securities have given positive rating to SBI stock.

Goldman Sachs has raised its target price on SBI stock to Rs 770. It is to be noted that the company advised to buy SBI stock when it was at Rs 594.

Similarly, JP Morgan has raised the target price for SBI stock from Rs 650 to Rs 720.