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.
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