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State Bank of India is up for a third straight session today. The stock is quoting at Rs 872.4, up 1.48% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.38% on the day, quoting at 24596.45. The Sensex is at 80712.82, up 0.24%. State Bank of India has gained around 3.25% in last one month.
Meanwhile, Nifty Bank index of which State Bank of India is a constituent, has gained around 3.72% in last one month and is currently quoting at 52278.9, up 0.07% on the day. The volume in the stock stood at 98.05 lakh shares today, compared to the daily average of 173.66 lakh shares in last one month.
The benchmark July futures contract for the stock is quoting at Rs 873.75, up 1.5% on the day. State Bank of India is up 45.13% in last one year as compared to a 24.78% jump in NIFTY and a 15.11% jump in the Nifty Bank index.
The PE of the stock is 12.56 based on TTM earnings ending March 24.
State Bank of India (SBI) raised Rs. 10,000 crore today at a coupon rate of 7.36% through its sixth infrastructure bond issuance.
The issue attracted overwhelming response from investors with bids in excess of Rs. 18,145 crore and was oversubscribed by around 3.6 times against the base issue size of Rs. 5,000 crore. The total number of bids received was 120 indicating wider participation with heterogeneity of bids. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc.
The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment.
Based on the response, the Bank has decided to accept Rs. 10,000 crore at a coupon rate of 7.36% payable annually for a tenor of 15 years. The instrument is rated AAA with stable outlook. With the current issuance, the total outstanding Long-Term Bonds issued by the Bank is at Rs. 59,718 crore.