SBI nudges higher on plans to increase funds raising size

State Bank of India rose 0.4% to Rs 303.20 at 10:06 IST on BSE after the bank said that the proposal will be submitted to executive committee of central board on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore.

The announcement was made after market hours yesterday, 11 January 2018.

Meanwhile, the S&P BSE Sensex was up 89.52 points, or 0.26% to 34,597.17.

On the BSE, 1.05 lakh shares were traded in the counter so far, compared with average daily volumes of 18.24 lakh shares in the past one quarter. The stock had hit a high of Rs 304.80 and a low of Rs 302.75 so far during the day. The stock had hit a record high of Rs 351.50 on 26 October 2017. The stock had hit a 52-week low of Rs 241.25 on 19 October 2017.

The stock had underperformed the market over the past one month till 11 January 2018, falling 5.12% compared with the Sensex's 3.13% rise. The stock had, however, outperformed the market over the past one quarter, gaining 20.03% as against the Sensex's 8.39% rise. The scrip had, however, underperformed the market over the past one year, advancing 19.89% as against the Sensex's 27.13% rise.

The large-cap bank has equity capital of Rs 863.21 crore. Face value per share is Re 1.

State Bank of India (SBI) said that the proposal will be submitted to executive committee of central board (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier.

SBI's net profit fell 37.7% to Rs 1581.55 crore on 39.7% growth in total income to Rs 70865.80 crore in Q2 September 2017 over Q2 September 2016.

Government of India holds 56.61% stake in State Bank of India as per the shareholding pattern as on 31 December 2017.

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