SBI nudges higher after keeping lending rate steady

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Drop in ARPUs will not necessarily hit profitability
Remain interested in global acquisitions : Akhil Gupta
No 'desperation' to get into 3G if bid prices irrational
Drop in realty rentals to help enhance retail presence
All units currently operating at 100% utilisation
Goldman cuts China GDP forecast to 6%
Tariffs down 10% in last 5 yrs; don't see further drop
Depreciation in rupee negating drop in product prices
To focus on domestic mkts in 2009: Gautam Singhania
Industry taking a hit on exports: Gautam Singhania
Buys 10% stake in Kalyani Net Ventures
Don't expect any slowdown in power biz through 2009
Will buy firms that can't achieve financial closure
Sitting on enough cash to pick up stake in new projects
Budge Budge unit to be on-stream ahead of schedule
Seeks increase in duty drawbacks and DEPB by 3%
Wants a minimum ceiling of 7% on export credit
Needs an additional 2% interest subvention
Bags order from Southern Railways worth Rs.110cr
India fairly insulated due to robust domestic demand
Pvt held business owners with 83% level of optimism
Travel and tourism remains relatively insulated
Majority of countries view 2009 as a difficult year
Fitch withdraws rating on Jindal Stainless
L&T bags order worth Rs.1100 crores
Key clients confidence is shaken in Satyam
Satyam could become vulnerable for acquisition
Satyam could face pricing pressure due to the situation
100 people a diminutive no.; not indicative of anything
Software, BPO staff among those planning to quit: Srcs

Updated: 16/06/2008 | 12:00 AM IST

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Capital Market

Monday, June 16, 2008 (New Delhi)

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Meanwhile, the BSE Sensex was up 280 points, or 1.84%, to 15,469.81, on positive cues from global markets. US stocks closed higher on Friday, 13 June 2008, helped by a government report that showed underlying price pressures rose moderately in May 2008, easing fears that inflation would force a near-term rise in interest rates.

On BSE, 1.28 lakh shares were traded in the counter. The scrip had an average daily volume of 6.91 lakh shares in the past one quarter.

The stock hit a high of Rs 1365 and a low of Rs 1339 so far during the day. The stock struck a 52-week high of Rs 2396.54 on 14 January 2008 and the stock hit a 52-week low of Rs 1226.58 on 14 June 2007.

India’s largest commercial bank had underperformed the market over the past one month till 13 June 2008, declining 20.60% compared to the Sensex’s decline of 12.47%. It also underperformed the market in the past one quarter, declining 22.15% compared to Sensex’s decline of 3.62%.

The bank's current equity is Rs 634.88 crore. Face value per share is Rs 10.

The current price of Rs 1344.30 discounts its Q4 March 2008 annualised EPS of Rs 119.29, by a PE multiple of 11.26.

Prime lending rate (PLR) is the minimum short-term interest rate charged by commercial banks to their most creditworthy clients. The decision was taken at a meeting of the assets-liability committee (Alco) of State Bank of India (SBI) on Saturday, 14 June 2008. The Alco met to deal with the issue of interest rates in the wake of the Reserve Bank of India's (RBI) move to raise repo rates, or the rate at which it lends to banks, by 25 basis points to 8%, on 11 June 2008, to contain inflation.

On 5 June 2008, State Bank of India signed an agreement with Societe Generale Securities Services, a division of Societe Generale Group, to form a joint venture company for providing custody services. The joint venture company will offer custody and related services in India. State Bank of India (SBI) and Societe Generale Securities Services (SGSS) will hold 65% and 35% respectively of the equity in the new company.

SBI’s net profit rose 26.1% to Rs 1,883.25 crore on 26.7% rise in operating income to Rs 16,393.93 crore in Q4 March 2008 over Q4 March 2007.

SBI provides banking, treasury and credit management services to individual and corporate clients.