SBI turns volatile after announcing hike in lending rates

State Bank of India lost 0.49% to Rs 1,864 at 10:37 IST on BSE after the bank said it has raised the base rate and the benchmark prime lending rates by 20 basis points each, with effect from Thursday, 7 November 2013.

State Bank of India (SBI) made the announcement before trading hours today, 6 November 2013.

Meanwhile, the S&P BSE Sensex was up 16.51 points or 0.08% at 20,991.30.

On BSE, 81,000 shares were traded in the counter as against average daily volume of 4.69 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 0.81% at the day's low of Rs 1857.95 so far during the day. The stock rose as much as 0.62% at the day's high of Rs 1884.90 so far during the day. The stock had hit a 52-week high of Rs 2,550 on 10 January 2013. The stock had hit a 52-week low of Rs 1,452.90 on 28 August 2013.

The stock had outperformed the market over the past one month till 5 November 2013, advancing 13.36% compared with the Sensex's 5.32% rise. The scrip had also outperformed the market in past one quarter, surging 11.34% as against Sensex's 9.34% rise.

The large-cap state-run bank has equity capital of Rs 684.03 crore. Face value per share is Rs 10.

State Bank of India (SBI) today, 6 November 2013, said it has revised upwards the base rate by 20 basis points (bps) from 9.8% to 10% per annum (p.a) and the benchmark prime lending rate by 20 bps from 14.55% to 14.75% p.a with effect from Thursday, 7 November 2013.

SBI is India's biggest commercial bank in terms of branch network. The Government of India holds 62.31% stake in SBI (as per the shareholding pattern as on 30 September 2013).

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