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. (Q,N,C,F)* 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.

Click here to view full report

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.