SBI extends stock gains: report

Mumbai: Shares in State Bank of India gain as much as 3 per cent, adding to Friday's 9.6 per cent jump, after earlier hitting their highest level since April 2011, as brokers raise target price and estimates on the stock, citing Jan-March earnings.

Jefferies raises its target price to 3,415 rupees from 2,875 rupees, while maintaining its ‘buy’ rating on the stock, and Credit Suisse upgrades target price to 2,405 rupees from 2,049 rupees and maintains "neutral" rating on the stock. The bank also reported a drop in bad loans and market-beating quarterly net profit. SBI shares were up nearly 1 per cent