State Bank of India rose 0.61% to Rs 331.80 at 13:06 IST on BSE, with the stock extending recent gains triggered by the bank's decision to take shareholders' nod for raising additional equity share capital up to Rs 15000 crore.
Meanwhile, the S&P BSE Sensex was up 21.14 points or 0.07% at 29,592.18.
On BSE, so far 10.43 lakh shares were traded in the counter as against average daily volume of 15.35 shares in the past one quarter.
The stock hit a high of Rs 335.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 328.25 so far during the day. The stock had hit a 52-week low of Rs 145.60 on 14 February 2014.
The stock had underperformed the market over the past one month till 27 January 2015, surging 7.2% compared with the Sensex's 8.55% rise. The stock had, however, outperformed the market in past one quarter, jumping 27.11% as against Sensex's 10.53% rise.
The large-cap public sector bank has equity capital of Rs 746.57 crore. Face value per share is Re 1.
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Shares of State Bank of India (SBI) have risen 1.35% in two trading sessions from Rs 327.35 on 23 January 2015, after the bank before market hours yesterday, 27 January 2015 said that its Committee of Directors decided to take enabling approval from the shareholders for raising additional equity share capital up to Rs 15000 crore by way of public issue (i.e. follow-on-public issue) or rights issue or private placement, including qualified institutions placement (QIP)/global depository receipt (GDRs)/American depository receipt (ADRs) and/or any other mode(s) or a combination(s) thereof. The stock had risen 0.75% to settle at Rs 329.80 yesterday, 27 January 2015.
The Committee also decided to seek the approval of the Government of India and the Reserve Bank of India for raising capital under Section 5(2) of the State Bank of India Act, 1955 and take all necessary steps in this regard.
Meanwhile, SBI before market hours today, 28 January 2015 said that a general meeting of its shareholders will be held on 26 February 2015, to seek shareholders' nod for the aforesaid fund raising.
SBI's net profit rose 30.5% to Rs 3100.41 crore on 12.5% growth in total income to Rs 41833.36 crore in Q2 September 2014 over Q2 September 2013.
The Government of India held 58.6% stake in SBI (as per the shareholding pattern as on 31 December 2014).
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