State Bank of India rose 1.49% to Rs 2,553.60 at 11:09 IST on BSE, extending Tuesday's 4.32% rise triggered by the bank cutting interest rates on short-term fixed deposits.
The bank made the announcement during trading hours on Tuesday, 15 July 2014. Shares of State Bank of India (SBI) jumped 4.32% to Rs 2,516.20 on Tuesday. It has risen 5.87% in two trading sessions from Rs 2,412.10 on 14 July 2014.
Meanwhile, the BSE Sensex was up 106.77 points, or 0.42%, to 25,335.42.
On BSE, so far 95,000 shares were traded in the counter, compared with an average volume of 3.27 lakh shares in the past one quarter.
The stock hit a high of Rs 2,583.95 and a low of Rs 2,534.05 so far during the day. The stock hit a 52-week high of Rs 2,833.85 on 26 May 2014. The stock hit a 52-week low of Rs 1,452.90 on 28 August 2013.
The stock had underperformed the market over the past one month till 15 July 2014, falling 3.46% compared with the Sensex being flat in the same period. The scrip had, however, outperformed the market in past one quarter, rising 28.15% as against Sensex's 12.20% rise.
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The large-cap company has an equity capital of Rs 746.57 crore. Face value per share is Rs 10.
SBI announced reduction in interest rates on bulk and retail term deposit interest rates for select maturities from 18 July 2014, which will bring down the cost of funds for the bank.
Under bulk deposits (Rs 1 crore and above) schemes, interest rate on deposits maturing between 7 days to 60 days will be reduced by 25 basis points (bps) to 6.25% from 6.50% earlier. Interest rate on deposits maturing between 61 days to less than 1 year will be reduced by 25 bps to 6.75% from 7% earlier.
Under retail term deposits (below Rs 1 crore) schemes, interest rate on deposits maturing between 7 days to 179 days will be reduced by 50 bps to 7% from 7.50% earlier.
State Bank of India's net profit declined 7.83% to Rs 3040.74 crore on 16.82% growth in total income to Rs 42443.27 crore in Q4 March 2014 over Q4 March 2013.
The Government of India holds 58.60% stake in SBI (as per the shareholding pattern as on 30 June 2014).
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