SBI shares at record high, know whether there is still a chance of profit in this stock, which has grown 138 percent in a year
Shares of the State Bank of India reached a record high of Rs 467.3 on Wednesday (August 4, 2021). It registered an increase of 4.67 percent from the previous closing price. SBI’s stock also rose above the 5, 20, 50, 100 and 200 day moving averages. The stock has gained 66.35 percent since the beginning of this year. Whereas during the last one year it has increased by 138.48 percent.
SBI’s market capitalization is Rs 4.07 lakh
After today’s rise in the shares of SBI, the market capitalization of the bank has increased to Rs 4.07 lakh crore. Its 58.52 lakh shares were traded on BSE today and its total value was Rs 266.18 crore. Even before the announcement of quarterly results by SBI, its shares had reached a high of Rs 499.80. Later it fell to Rs 467.
BSE bank index at new high
In view of the increase in the shares of SBI, the shares of other banks registered an increase. Shares of Kotak Mahindra Bank rose by 3.74, ICICI Bank by 3.58 per cent, HDFC Bank by 2.12 per cent. On Wednesday, the shares of the banking sector proved to be the biggest growers. In the BSE, the banking index jumped 1040 points and reached 41,014 points. Its previous closing was at 39,973 points. Bank Nifty gained 820 points and closed at 36,028 points. The BSE Sensex closed at a record high after the SBI results.
The effect of increasing the profit of the bank
In the first quarter (April-June, 2021) of the financial year, there has been a tremendous increase of 55.3 percent in the profit of SBI. The bank’s net profit increased to Rs 6504 crore in the first quarter. The net profit of the bank has also increased compared to the March quarter. The bank’s net profit in the March quarter was Rs 6451 crore. SBI’s Net Interest Income (NII) has also increased compared to the last financial year. In the first quarter of the current financial year (2021-22), the bank’s NII increased by 3.7 percent to Rs 27,638 crore. However, the domestic net interest margin has come down by 9 basis points to 3.15 per cent. Non-interest income increased by 24.3 percent to reach Rs 11,803 crore.