SBI drops amid volatility

State Bank of India lost 0.64% to Rs 318.20 at 13:06 IST on BSE after the bank said it has reduced the interest rate on retail term deposit below Rs 1 crore with effect from 8 December 2014.

The announcement was made during market hours today, 5 December 2014.

Meanwhile, the S&P BSE Sensex was down 36.35 points or 0.13% at 28,526.47.

On BSE, so far 7.25 lakh shares were traded in the counter as against average daily volume of 6.77 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 0.76% at the day's low of Rs 317.80 so far during the day. The stock rose as much as 0.23% at the day's high of Rs 321 so far during the day. The stock had hit a 52-week high of Rs 327.10 on 1 December 2014. The stock had hit a 52-week low of Rs 145.60 on 14 February 2014.

The stock had outperformed the market over the past one month till 4 December 2014, advancing 17.68% compared with Sensex's 2.52% rise. The scrip had also outperformed the market in past one quarter, surging 28.72% as against Sensex's 5.45% rise.

The large-cap company has equity capital of Rs 746.57 crore. Face value per share is Rs 1.

State Bank of India (SBI) said it has reduced the interest rate on retail term deposit below Rs 1 crore on select maturities with effect from Monday, 8 December 2014. The bank has reduced interest rate on term deposits for maturity between one year and less than five years to 8.5% from 8.75%. The bank has reduced interest rate on term deposits for maturity of five years and above to 8.25% from 8.5%.

SBI's net profit surged 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 holds 58.6% stake in SBI (as per the shareholding pattern as on 30 September 2014).

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