February 12, 2018 / 4:24 AM / 2 months ago

BUZZ-State Bank of India shares fall on surprise Q3 loss

** State Bank of India’s shares fall as much as 3.8 pct to 285.15 rupees, their lowest in nearly a week

** Stock top pct loser on NSE index

** SBI posted surprise Q3 loss of 24.16 bln rupees on Friday($375.96 mln), compared with analysts’ estimate of 20.67 bln rupees

** Higher bad-loan provisions and lower trading income weighed on results, but co said it expects improvement in performance in next FY

** Jefferies cuts PT to 365 rupees from 385 rupees, maintains ‘buy’ rating

** “Thesis on the bank remains unchanged as SBI remains well-placed to benefit from NPL resolution cycle,” - Kotak Institutional Equities

** 36 of 46 brokerages rate the stock “buy” or higher, six “hold” and four “sell” or lower; their median PT is 370 rupees ($1 = 64.2625 Indian rupees)

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