JPMorgan raised State Bank of India , the country's top lender, to "overweight" from "neutral", citing regulatory relief from higher provisioning norms and positives from teaser loan withdrawal. It also raised its target price on the stock to 3,200 rupees from 2,800 earlier, and said the bank was better placed than other state-run banks on margins. At 9:24 a.m. (0354 GMT), SBI shares were up 2.4 percent at 2,929.55 rupees, while the main stock index was barely changed.