SBI shares surge 12% in 3 days; m-cap tops ₹6 lakh cr; here’s why
State Bank of India shares gained as much as 6.4% to hit a record high of ₹718.80 intraday today, while the m-cap surged to ₹6.36 lakh crore.
State Bank of India shares gained as much as 6.4% to hit a record high of ₹718.80 intraday today, while the m-cap surged to ₹6.36 lakh crore.
The issue was oversubscribed almost 4 times with bids of ₹15,907 crore against the base issue size of ₹4,000 crore, said SBI.
SBI shares ended 2.94% lower at ₹573.25 on the BSE amid surge in selling activities post Q1 results.
The board of SBI is scheduled to meet on January 3 to consider and approve a proposal to raise up to ₹10,000 crore through infrastructure bonds.
State Bank of India posted its highest ever standalone quarterly net profit at ₹13,265 crore in Q2 FY23, driven by strong loan growth and improved asset quality.
Post Q4 results, most analysts have maintained a 'buy' rating on SBI shares, with a potential upside of 51% from current market price.
Post Q4 results, SBI share price plunged 7.75% from the day’s high as top and bottom line growth failed to meet market estimates.