SBI and its associate banks in demand

State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur have rallied 8-19% on BSE.

Shares of State Bank of India (SBI) and its all three listed associate banks - State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur – have rallied on the bourses after State Bank of Mysore reported robust results for the second quarter ended September 2014.

State Bank of Mysore, the largest gainer among the pack, has rallied 19% to Rs 585 on BSE after reporting a more than three-fold jump in net profit at Rs 102 crore in the July-September quarter (Q2) on higher interest income, lower provisions and better recovery from written-off accounts. The state-owned bank had profit of Rs 30 crore in the corresponding year-ago quarter.

The bank’s net NPA ratios declined to 2.94% from 3.69%. Also, the gross NPA ratio was down at 5.07%, as against 6.56% in the September quarter last year.

State Bank of Travancore surged 9% to Rs 481 after hitting high of Rs 493 in intraday trade. State Bank of Bikaner and Jaipur jumped 8% to Rs 620. The stock hit high of Rs 633 in intraday trade on BSE.

SBI, the country’s largest public sector lender, rose nearly 2% to Rs 2,641. The stock hit high of Rs 2,647 and low of Rs 2,602 so far during the day.