SBI turns volatile after announcing hike in lending rates

SBIState Bank of India (SBI) made the announcement was made before market hours today, 6 November 2013.

Meanwhile, the S&P BSE Sensex was up 16.51 points or 0.08% at 20,991.30.

On BSE, 81,000 shares were traded in the counter as against average daily volume of 4.69 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 0.81% at the day`s low of Rs 1857.95 so far during the day. The stock rose as much as 0.62% at the day`s high of Rs 1884.90 so far during the day. The stock had hit a 52-week high of Rs 2,550 on 10 January 2013. The stock had hit a 52-week low of Rs 1,452.90 on 28 August 2013.

The stock had outperformed the market over the past one month till 5 November 2013, advancing 13.36% compared with the Sensex`s 5.32% rise. The scrip had also outperformed the market in past one quarter, surging 11.34% as against Sensex`s 9.34% rise.

The large-cap state-run bank has equity capital of Rs 684.03 crore. Face value per share is Rs 10.

State Bank of India (SBI) after market hours on Tuesday, 5 November 2013, said it has revised upwards the base rate by 20 basis points (bps) from 9.8% to 10% per annum (p.a) and the benchmark prime lending rate by 20 bps from 14.55% to 14.75% p.a with effect from Thursday, 7 November 2013.

SBI is India`s biggest commercial bank in terms of branch network. The Government of India holds 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).

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SBI turns volatile after announcing hike in lending rates

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