Religare Institutional Research has maintained 'Buy' on State Bank of India with target price of Rs 3,250 in its report.

Commenting on the investment rationale, the stock broker said, ''SBI posted a robust Q1FY15 with broadly similar levels of stressed asset formation as in Q4FY14, robust fee income and consolidation in the SME/mid-corporate books- both high-NPL sources. PAT at Rs 33.49 billion was partly aided by a tight leash on expenses (up only 3.3% YoY) though NIMs slid 4bps QoQ on lower international NIMs.

We maintain our bullish stance on SBI given an improving macro, its strong capitalization levels and a robust liability franchise."

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