All three listed subsidiaries of State Bank of India (SBI) - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) - have rallied by up 18% on the bourses on reports that SBI proposes to merge its five remaining subsidiaries with itself.
State Bank of India, the nation's biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago, the Economic Times report suggests.
State Bank of Hyderabad and State Bank of Patiala are the other two unlisted associates of the SBI.
Among individual stocks, SBM has surged almost 18% to Rs 637 and SBBJ by 16% to Rs 660, while SBT is locked in upper circuit of 10% at Rs 663 on the Bombay Stock Exchange (BSE). All these three stocks are trading at their 52-week highs.
SBI, on the other hand, is trading 1.4% higher at Rs 2,702 after hitting high of Rs 2,719 in early morning deals.
State Bank of India, the nation's biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago, the Economic Times report suggests.
State Bank of Hyderabad and State Bank of Patiala are the other two unlisted associates of the SBI.
Among individual stocks, SBM has surged almost 18% to Rs 637 and SBBJ by 16% to Rs 660, while SBT is locked in upper circuit of 10% at Rs 663 on the Bombay Stock Exchange (BSE). All these three stocks are trading at their 52-week highs.
SBI, on the other hand, is trading 1.4% higher at Rs 2,702 after hitting high of Rs 2,719 in early morning deals.
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