State Bank of India (SBI) shares surged to a record high in an otherwise weak session for most of the PSUs. Shares of SBI surged by nearly four percent, hitting an all-time high of ₹726.
As of 3:16 pm, the shares were trading higher by 3.78% at ₹726.00.
The State Bank of India (SBI) has been an darling of investors lately, with its shares up by 10% in the first 9 days of February itself. SBI is also the third-best performer on the Nifty year-to-date, trailing behind only BPCL and Coal India.
In an interesting move earlier today, Jefferies’ Chris Wood has tweaked its India long-only portfolio, raising its investments in Bharti Airtel, Axis Bank and State Bank of India (SBI), and paring stakes in index heavyweights Reliance and HDFC Bank.
“Changes will be made in the India long-only portfolio and the global long-only portfolio. An investment in Bharti Airtel will be introduced in the India long-only portfolio with a 3% weighting. This will be paid for by shaving the investment in Reliance Industries by three percentage points,” Wood said.
