SBI gains 7% post Q2 results

The stock moved higher by 6% to Rs 333, bouncing back 7.5% from intra-day low of Rs 310 on the BSE.

State Bank of India (SBI) has moved higher by 7% to Rs 338, bouncing back 8.5% from intra-day low on the BSE, after the bank’s assets quality in September quarter (Q2FY18) improves on sequential basis. The stock hit a low of Rs 310 in intra-day trade.

"SBI reported sequential fall in fresh slippages to Rs 10,630 crore in Q2FY18 from Rs 30,060 crore in Q1FY18. Sharp fall in fresh slippages has positively surprised us, as we were projecting slippages of nearly Rs 15,500 crore for Q2FY18. Further, the new management chose to strengthen the balance sheet over profitability by