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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).
Stock Covered in the news
