State Bank of India shares gained 3 percent in morning after global research house Morgan Stanley increased its price target for the stock to Rs 375 from Rs 350 earlier while maintaining overweight call.
The investment firm said it sees a turnaround on bad loans front in FY20 and will see a significant drop in provisions in second half of FY19.
The rupee appreciated by 45 paise to 71.56 in morning after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.
Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit.
“The new RBI governor’s first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive,” Japanese financial services major Nomura said in a research note. Source: PTI