State Bank of India rose 1.19% to Rs 2,398 at 11:41 IST on BSE on buzz that a foreign brokerage maintained buy rating on the stock citing the bank's strong deposit franchise, well capitalised balance sheet and focus on profitability.
Meanwhile, the S&P BSE Sensex was up 15.01 points or 0.06% at 26,286.98.
On BSE, so far 84,000 shares were traded in the counter as against average daily volume of 2.86 lakh shares in the past two weeks.
The stock hit a high of Rs 2,409.55 and a low of Rs 2,345.20 so far during the day.
State Bank of India (SBI)'s net profit rose 3.3% to Rs 3349.08 crore on 12.6% growth in total income to Rs 40739.21 crore in Q1 June 2014 over Q1 June 2013.
The Government of India holds 58.6% stake in SBI (as per the shareholding pattern as on 30 June 2014).
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