SBI shares gain nearly 4% post Q2 results

Shares of SBI Monday rose nearly 4 per cent, adding Rs 8,791 crore to the company’s market valuation, after the company reported a consolidated net profit on a sequential basis.

The stock gained 3.45 per cent to end at Rs 295.30 on the BSE. Intra-day, it soared 5 per cent to Rs 299.90. On the NSE, shares of the company jumped 3.76 per cent to settle at Rs 296.10. The company’s market valuation rose by Rs 8,791.07 crore to Rs 2,63,543.07 crore on the BSE.

The stock was the top gainer on both the key indices at close of trade.

On the equity volume side, 25.20 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands on the NSE during the day. The country’s largest lender SBI Monday reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30.

The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,230.44 crore in the first quarter of the current fiscal due to higher provisioning for bad loans. Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.