Stock To Watch : SBI

India’s largest lender, State Bank of India has announced in its press release that it has entered into an agreement with the Confederation of Real Estate Developers' Associations of India to conduct initiatives for the development of the real estate sector for next three years.

In another development, the board of State Bank of India has approved raising Rs 15000 crore via equity during 2017-18 i.e from April to March. The capital could be raised via rights issue, qualified institutional placement, ADR/GDR, follow-on public offer, ESOPs, or a combination of these as per the company filings on the exchange.

Over one year the stock has delivered almost 50% returns thus outperforming broader markets. State Bank of India is currently trading at Rs 276.25, down by Rs 1.15 or 0.41% from its previous closing of Rs 277.4 on the BSE.

The scrip opened at Rs 278.8 and has touched a high and low of Rs 279.75 and Rs 276.15 respectively. So far 9072737(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 221185.01 crore.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 288.5 on 11-Nov-2016 and a 52 week low of Rs 166.6 on 24-May-2016. Last one week high and low of the scrip stood at Rs 280 and Rs 268.5 respectively. The promoters holding in the company stood at 61.23 % while Institutions and Non-Institutions held 27.78 % and 9.4 % respectively. The stock is currently trading above its 50 DMA.

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