State Bank of India rose 0.71% to Rs 307.10 at 09:25 IST on BSE after the bank said it plans to sell stake in the National Stock Exchange of India.
The announcement was made after market hours yesterday, 28 August 2018.Meanwhile, the S&P BSE Sensex was up 58.77 points, or 0.15% to 38,955.40
On the BSE, 95,000 shares were traded in the counter so far compared with average daily volumes of 11.75 lakh shares in the past two weeks. The stock had hit a high of Rs 308.90 and a low of Rs 306 so far during the day. The stock hit a record high of Rs 351.50 on 26 October 2017. The stock hit a 52-week low of Rs 232 on 27 April 2018.
State Bank of India (SBI) said that the appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958% of stake of SBI in National Stock Exchange of India (NSE) through secondary sale.
SBI reported net loss of Rs 4875.85 crore in Q1 June 2018 compared with net profit of Rs 2005.53 crore in Q1 June 2017. Total income rose 4.10% to Rs 65492.67 crore in Q1 June 2018 over Q1 June 2017.
Government of India holds 57.66% stake in SBI (as on 30 June 2018).
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