Apr 4, 2008

Investors withdraw from SBI

The company made this announcement after trading hours on Wednesday, 2 April 2008.

Meanwhile, the BSE Sensex was up 14.15 points, or 0.09%, to 15,764.55 as Asian stocks edged higher after as a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.

On BSE, 1.45 lakh shares were traded in the counter. The scrip had an average daily volume of 3.99 lakh shares in the past one quarter.

The stock hit a high of Rs 1669.90 and a low of Rs 1600 so far during the day. The stock had a 52-week high of Rs 2396.54 on 14 January 2008 and a 52-week low of Rs 863.42 on 3 April 2007.

The large-cap scrip had underperformed the market over the past one month till 1 April 2008, declining 15.54% compared to the Sensexs fall of 6.30%. It had also underperformed the market in the past one quarter, declining 28.88% compared to Sensexs decline of 23.64%.

The banks current equity is Rs 631.56 crore. Face value per share is Rs 10.

The current price of Rs 1634.10 discounts its Q3 December 2007 annualized EPS of Rs 137.46, by a PE multiple of 11.89.

The bonds will mature in five years and carry a coupon of 3.36%, State Bank of India (SBI) said. The bonds will be issued on 8 April 2008, the bank added.

On 26 March 2008, State Bank of India (SBI) got in-principle approval from the Monetary Authority of Singapore to open as many as 25 branches in Singapore and offer its full range of financial services.

On 11 February 2008, the bank cut its prime-lending rate by 25 basis points to 12.5% with effect from 16 February 2008.

SBIs net profit rose 69.8% to Rs 1808.64 crore on 36.3% growth in operating income to Rs 15,364 crore in Q3 December 2007 over Q3 December 2006.

SBI is India's biggest commercial bank.