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Shares of State Bank India (SBI) has moved higher by 3 per cent to Rs 438.60 on the BSE in intra-day trade on Thursday on the back of heavy volumes. The stock inched towards its record high ahead of its April-June quarter (Q1FY22) results next week. Analysts expect SBI to report a healthy performance, supported by recoveries and modest opex.
The stock of the state-owned lender had hit an all-time high of Rs 442 on June 3, 2021, after it reported a robust set of numbers for the March 2021 (Q4FY21) quarter. Since then, it has underperformed the market by falling 3.4 per cent, compared to a 0.66 per cent rise in the S&P BSE Sensex. Trading volumes on the counter jumped 1.5 times, with a combined 18.36 million equity shares having changed hands on the NSE and BSE till 01:40 pm.
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The board of directors of SBI is scheduled to meet on Wednesday, August 4, 2021, to consider and approve financial results for the quarter ended June 30, 2021 (Q1FY22).
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