State Bank of India spurts after Q1 results

State Bank of India rose 8.68% to Rs 246.65 at 13:15 IST on BSE after net profit fell 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015.

The result was announced during market hours today, 12 August 2016.

Meanwhile, the BSE Sensex was up 295.13 points, or 1.06%, to 28,154.73.

On BSE, so far 80.91 lakh shares were traded in the counter, compared with average daily volume of 28.10 lakh shares in the past one quarter. The stock hit a high of Rs 247.60 and a low of Rs 224.40 so far during the day. The stock hit a 52-week high of Rs 287.90 on 18 August 2015. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 11 August 2016, falling 0.11% compared with 0.16% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.68% as against Sensex's 9.30% rise.

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

On a consolidated basis, State Bank of India (SBI)'s net profit fell 77.81% to Rs 1046 crore on 9.90% rise in total income to Rs 69414.82 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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