SBI, Matrix shares surge on earnings, Merck deal

SBI, Matrix shares surge on earnings, Merck deal
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First Published: Mon, May 14 2007. 10 37 AM IST
Updated: Mon, May 14 2007. 10 37 AM IST
Reuters
Mumbai: Shares in India’s largest bank, State Bank of India, rose more than 4% on Monday after it beat market forecasts with a 75% rise in quarterly profit.
At 10:01 am, SBI shares were up 4.3% at Rs1,198 in a Mumbai market that was up 1.4%.
On Saturday, the state-run bank said its net profit for the January-March quarter was Rs14.93 billion, up from Rs8.53 billion a year earlier.
Meanwhile, shares of Matrix Laboratories rose 10.6% on Monday after an announcement that Mylan Laboratories Inc., which has a controlling stake in the firm, will buy the generics unit of Merck KGaA.
At 10:04 am, Matrix shares were trading at Rs220 while the benchmark index was up 1.4%.
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First Published: Mon, May 14 2007. 10 37 AM IST
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