Buy State Bank of India: It seems short term temporary bottom has been formed
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It seems the scrip of State Bank of India Ltd (SBI, CMP: Rs.1879, T--Rs.1950, SL--Rs.1800) has formed a temporary bottom on the candlestick chart.
The stock came under heavy selling in the morning hours, following a larger-than-expected surge in non-performing assets (NPA), and also on fears that both the domestic and global brokerages, might start cutting their earnings estimates or downgrade the stock.
However, State Bank of India Ltd came out with a decent set of numbers both for the top and bottomlines, for the April--June, 2012 quarter.
It posted a 138% rise in net profit and more than 15% rise in total income, in Apr-Jun, 2012 quarter. The EPS of the company, for the Q1FY13 jumped to Rs.55.91 as against Rs.24.94 in Q1FY12.
The stock came under heavy selling in the morning hours, following a larger-than-expected surge in non-performing assets (NPA), and also on fears that both the domestic and global brokerages, might start cutting their earnings estimates or downgrade the stock.
However, State Bank of India Ltd came out with a decent set of numbers both for the top and bottomlines, for the April--June, 2012 quarter.
It posted a 138% rise in net profit and more than 15% rise in total income, in Apr-Jun, 2012 quarter. The EPS of the company, for the Q1FY13 jumped to Rs.55.91 as against Rs.24.94 in Q1FY12.
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