SBI gains on fund raising plan

State Bank of India rose 1.07% to Rs 263.95 at 09:28 IST on BSE after the bank scheduled a board meeting on 22 October 2018 to consider raising of equity capital.

The announcement was made after market hours on Wednesday, 17 October 2018.

Meanwhile, the S&P BSE Sensex was down 375.22 points, or 1.08% to 34,404.36

On the BSE, 2.63 lakh shares were traded in the counter so far compared with average daily volumes of 20.39 lakh shares in the past two weeks. The stock had hit a high of Rs 264 and a low of Rs 258.30 so far during the day. The stock hit a record high of Rs 351.50 on 26 October 2017. The stock hit a 52-week low of Rs 232 on 27 April 2018.

State Bank of India (SBI) said that the meeting of the board of directors of the bank is scheduled on 22 October 2018 to consider and approve to pass enabling resolution for raising of equity capital from the market by way of FPO/ QIP/ preferential allotment/ rights issue/ any other mode or a combination of these.

SBI reported net loss of Rs 4875.85 crore in Q1 June 2018 compared with net profit of Rs 2005.53 crore in Q1 June 2017. Total income rose 4.10% to Rs 65492.67 crore in Q1 June 2018 over Q1 June 2017.

Government of India holds 57.66% stake in SBI (as on 30 June 2018).

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