Deutsche Bank upgrades SBI to 'buy', shares rise

State Bank of India (SBI) shares jumped 1.7 per cent in early trade on the bourses after Deutsche Bank upgraded the stock to 'buy' from 'hold'.

The global banking major said India's largest bank will benefit from improving economy in terms of slippages, credit costs and non-performing loans.

Deutsche Bank also said that SBI was addressing concerns about costs and managing liabilities and margins.

Cheering the news, shares of SBI were trading 1.54 per cent higher at Rs 2,562.50 on the Bombay Stock Exchange in morning trade.