SBI and its associate banks in demand
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Shares of State Bank of India (SBI) and its all three listed associate banks - State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur – have rallied on the bourses after State Bank of Mysore reported robust results for the second quarter ended September 2014.
State Bank of Mysore, the largest gainer among the pack, has rallied 19% to Rs 585 on BSE after reporting a more than three-fold jump in net profit at Rs 102 crore in the July-September quarter (Q2) on higher interest income, lower provisions and better recovery from written-off accounts. The state-owned bank had profit of Rs 30 crore in the corresponding year-ago quarter.
The bank’s net NPA ratios declined to 2.94% from 3.69%. Also, the gross NPA ratio was down at 5.07%, as against 6.56% in the September quarter last year.
State Bank of Travancore surged 9% to Rs 481 after hitting high of Rs 493 in intraday trade. State Bank of Bikaner and Jaipur jumped 8% to Rs 620. The stock hit high of Rs 633 in intraday trade on BSE.
SBI, the country’s largest public sector lender, rose nearly 2% to Rs 2,641. The stock hit high of Rs 2,647 and low of Rs 2,602 so far during the day.
Other Latest News
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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