SBI associate banks rally on heavy volumes

State Bank of Bikaner and Jaipur (up 16.23%), State Bank of Travancore (up 16.76%) and State Bank of Mysore (up 20%) surged. Shares of India's largest commercial bank by branch network State Bank of India (SBI) rose 0.09% to Rs 2313.10.

State Bank of Bikaner and Jaipur surged 16.23% to Rs 479.35 after scaling a 52-week high of Rs 491.60 in intraday trade today, 10 December 2012. The stock surged on high volume of 3.33 lakh shares as against an average daily volume of 7,701 shares in the past one quarter.

State Bank of Travancore jumped 16.76% to Rs 631.25. The stock jumped on high volume of 1.91 lakh shares as against an average daily volume of 2,693 shares in the past one quarter.

 

State Bank of Mysore galloped 20% to Rs 714.05, also its 52-week high. The scrip was frozen in the 20% upper circuit filter with pending buy orders of 2,384 shares at maximum limit. The stock galloped on high volume of 61,395 shares as against an average daily volume of 1,163 shares in the past one quarter.

As at 30 September 2012, SBI owned 75.07% stake in State Bank of Bikaner and Jaipur, 75% in State Bank of Travancore and 92.33% in State Bank of Mysore.

There are five associate banks of SBI of which State Bank of Hyderabad and State Bank of Patiala are unlisted. SBI had merged its associate State Bank of Saurashtra with itself in 2008. State Bank of Indore was merged with SBI in 2010.

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