State Bank of India (SBI) is trading higher 3.5% at Rs 2,011, extending its previous day’s over 5% rally, after reporting a net profit Rs 4,050 crore for the quarter ended March 2012, due to higher interest income and lower provisioning for bad loans. Analysts had forecast a net profit of Rs 3,477 crore.
Meanwhile, the country's biggest lender, plans to pitch to Moody's Investors Services for a ratings upgrade, the media reports suggest quoting bank’s chairman Pratip Chaudhuri.
The bank was downgraded by ratings agency Moody's in October because of its thin capital base and worsening asset quality.
The stock has rallied over 10% from Friday’s low of Rs 1,823 on the National Stock Exchange. A combined 1.21 million shares have changed hands on the counter so far on both the exchanges.