SBI, India's largest lender's shares hit record high

State Bank of India (SBI)

State Bank of India (SBI)

On Friday, during intraday trade, the shares of India's largest lender State Bank of India (SBI) hit a record high. On the Bombay Stock Exchange (BSE), the stock rose to ₹433.60. The record profit in the January-March quarter was reported by the Bank last week, which was ₹6,451 crore. During the same period last year, the Bank recorded ₹3,581 crore profit which means this year SBI's profit rises to 81%.

On Monday, shares of State Bank of India (SBI) rose to ₹377.30. After rising 5% on the Bombay Stock Exchange (BSE), it was at an eight-week-high. On 18th February, it hit a record high of Rs 426. It touched ₹377.7 on March 23, 2021, since then SBI’s stock was trading at its highest level.

Motilal Oswal Securities said that “SBI appears well-positioned to report a strong uptick in earnings as the uncertainty ushered by the COVID-19 pandemic has receded significantly. Over the years, SBI has strengthened its Balance Sheet and increased its PCR (including TWO) to 86 per cent. It further holds a PCR of around 89 per cent on Corporate non-performing assets (NPAs)." 

On Friday, at 11:37 am, the top gainer among the S&P BSE Sensex stocks was SBI. The equity shares that were changing hands on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were around 43.11 million.

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