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SBI stock surges 3.6% on smart Q3 result

SBI stock surges 3.6% on smart Q3 result
PTI
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First Published: Mon, Jan 24 2011. 04 38 PM IST
Updated: Mon, Jan 24 2011. 04 38 PM IST
Mumbai: Extending its gains for the third straight session, the country’s top lender State Bank of India (SBI) on Monday surged by over 3% on the Bombay Stock Exchange (BSE), buoyed by the lender’s better-than-expected third quarter earning numbers.
The scrip climbed 3.66%, the best among 30 Sensex stocks, to close at Rs2,693.10. In intra-day session, SBI gained 4.12% to hit a high of Rs2,705.
In the last three trading sessions, the stock has advanced by over 7% on the BSE.
On the National Stock Exchange (NSE), the stock settled at Rs2687.10, up 3.47%.
Boosted by a smart rise in net interest income, SBI had reported a 14.08% increase in profit for the October-December, 2010 quarter to Rs2,828 crore.
“The numbers were above our expectations. The kind of performance SBI has displayed has surprised the street in a positive way. It has also uplifted investors’ confidence in banking stocks,” Unicon Financial Services CEO Gajendra Nagpal said.
The stock was also the volume buzzer, as over 43 lakh shares of the company were traded on the two bourses.
The uptrend in SBI shares was also instrumental in helping the BSE benchmark index Sensex close the day with a gain of 143.75 points at 19,151.28.
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First Published: Mon, Jan 24 2011. 04 38 PM IST
More Topics: SBI | Q3 results | Profit | Markets | Stock market |