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SBI Extends Gains; Brokers Raise Target

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Shares in State Bank of India gained as much as 3 per cent, adding to Friday's (23 May) 9.6 per cent jump, after earlier hitting their highest level since April 2011, as brokers raised target price and estimates on the stock, citing Jan-March earnings.

Jefferies raised its target price to 3,415 rupees from 2,875 rupees, while maintaining its "buy" rating on the stock, and Credit Suisse upgraded target price to 2,405 rupees from 2,049 rupees and maintained "neutral" rating on the stock.

The bank on Friday reported a drop in bad loans and market-beating quarterly net profit.

SBI shares were up nearly 1 per cent at 9:58 a.m.



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