SOARING HIGH! SBI share price hits new high for 2nd time during today’s session amid strong Q1 numbers, m-cap hits 4-trillion mark

The counter breached its earlier 52-week high of Rs 449.8 per share, hit in the early morning trade today: PTI

Immediate its record first-quarter results, the shares of State Bank of India (SBI) hit a new 52-week high for the second time during today’s session at Rs 467 per share, after surging around 5 per cent on the BSE intraday trade on Wednesday.

The counter breached its earlier 52-week high of Rs 449.8 per share, hit in the early morning trade today.

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The counter was trading weak ahead of quarterly earnings, however, jumped immediately after the results announcement. The scrip has been surging since the last five sessions and jumped over 9 per cent in the same period.

While in the last three months, SBI shares have rallied 27 per cent as compared to a 12.4 per cent rise in the S&P BSE Sensex.

SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by a decline in bad loans. The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.

While the bank’s standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, as per the regulatory filing.

Similarly, the bank's gross non-performing assets (NPA) of the total advances declined to 5.32 per cent at June-end from 5.44per cent at June-end last year.

India’s largest lender — SBI joined the elite club of companies with Rs 4 trillion market capitalization (m-cap) on the BSE today after its share price hit a new high in the intraday trade.

It became the fourth bank after HDFC Bank, ICICI Bank and Kotak Mahindra Bank to achieve this milestone. SBI stood at number eighth position in the overall m-cap ranking, BSE data shows.

At around 14:25 pm, the stock has been trading at all-time a high level at Rs 466 per share, up over 4 per cent on the BSE, in an otherwise positive market with over 1 per cent rise in the SP BSE Sensex.

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State Bank of India (SBI)