Angel Broking has reiterated `Buy` on State Bank of India (SBI) with a price target of Rs 2,359 in its report dated Jan. 31, 2012. The broking house gave the following rationale:
According to a filing by SBI on BSE, the government of India has approved capital infusion of Rs 79 billion in the bank. The capital infusion is expected to aid the bank in growing its loan portfolio at a faster pace and also increase the tier-1 ratio of the bank to above 8%, which as of 2QFY2012 stands at 7.5%.
We reiterate a buy on the stock with a target price of Rs 2,359.
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