Shares in State Bank of India (SBI) has moved higher by 2.5% to Rs 2,034, extending its 5% rally in past three trading sessions, after the public sector bank said that overseas investors have purchased an additional nearly 5 million shares of the bank through open market in March quarter. The stock is trading at its highest level since June 2013 on the BSE.
Foreign institutional investors (FIIs) increased their stake in state lender to 9.68% in January-March quarter from 9.02% as on February 3, 2014, the shareholding pattern data shows.
Meanwhile, the stock has outperformed the market by surging 34% in past two months from Rs 1,514 on February 10, 2014 as against 12% rise in the BSE benchmark S&P BSE Sensex.
The stock opened at Rs 1,992 and touched a low of Rs 1,990 in early morning trades on the BSE. A combined 1.34 million shares changed hands on the counter so far on the BSE and NSE.
Foreign institutional investors (FIIs) increased their stake in state lender to 9.68% in January-March quarter from 9.02% as on February 3, 2014, the shareholding pattern data shows.
Meanwhile, the stock has outperformed the market by surging 34% in past two months from Rs 1,514 on February 10, 2014 as against 12% rise in the BSE benchmark S&P BSE Sensex.
The stock opened at Rs 1,992 and touched a low of Rs 1,990 in early morning trades on the BSE. A combined 1.34 million shares changed hands on the counter so far on the BSE and NSE.
