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08-Sep2016

SBI gains on inking pact with Tata Housing to tap government employees

State Bank of India (SBI) is currently trading at Rs. 267.60, up by 1.05 points or 0.39% from its previous closing of Rs. 266.55 on the BSE.

The scrip opened at Rs. 268.00 and has touched a high and low of Rs. 268.40 and Rs. 267.00 respectively. So far 40,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 270.00 on 07-Sep-2016 and a 52 week low of Rs. 148.30 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 270.00 and Rs. 251.85 respectively. The current market cap of the company is Rs. 2,07,421.00 crore.

The promoters holding in the company stood at 60.17%, while Institutions and Non-Institutions held 28.33% and 9.66% respectively.

State Bank of India has entered into partnership with Tata Housing that would enable easier financing and purchase of homes. This step has been taken in order to cash in on the opportunity arising out of increase in housing allowance under the 7th Central Pay Commission.

Under this partnership, government employees and defence personnel having SBI Salary accounts will get a better deal on TATA Housing Homes, should they avail a SBI Home Loan for the same.

The bank has reported 31.73% fall in its net profit at Rs 2520.96 crore for the quarter ended June 30, 2016 as compared to Rs 3692.43 crore for the same quarter in the previous year. However, total income of the bank increased by 9.38% to Rs 48928.60 crore for the quarter under review from Rs 44730.87 crore for the corresponding quarter of the previous year.



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