SBI hits 52-week high

State Bank of India rose 2.79% to Rs 266.70 at 15:14 IST on BSE after the bank said it has raised Rs 2100 crore from issue of bonds to Yes Bank on private placement basis.

The announcement was made after market hours yesterday, 6 September 2016.

Meanwhile, the S&P BSE Sensex was down 30.18 points or 0.1% at 28,947.84.

On BSE, so far 54.58 lakh shares were traded in the counter as against average daily volume of 26.13 lakh shares in the past one quarter. The stock hit a high of Rs 270 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 260.40 so far during the day. The stock had hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had outperformed the market over the past one month till 6 September 2016, advancing 11.45% compared with 3.2% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 30.34% as against Sensex's 8.22% rise.

The large-cap state-run bank has equity capital of Rs 776.28 crore. Face value per share is Rs 1.

State Bank of India (SBI) said it has raised Rs 2100 crore from issue of AT1 Basel III compliant non-convertible, perpetual, subordinated, unsecured debt instrument in the nature of debentures to Yes Bank on private placement basis. The coupon rate on the debentures is 9% per annum payable annually with call option after 5 years or any coupon payment date thereafter.

SBI's net profit fell 31.7% to Rs 2520.96 crore on 9.4% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015.

SBI is India's biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 June 2016).

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