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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