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SBI shares gain over 4 pct
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Shares of India’s biggest bank, State Bank of India (SBI), gained over 4 percent on Tuesday and ended as the top gainer in the banking index.
SBI’s chairman said that earnings of the bank are seen rising 30-35 percent in the current quarter, with retail loans growing at about twice the pace from the year earlier.
The banking index, which ended just 0.4 percent higher, has gained over 90 percent since April.
Shares in SBI closed at 1894 rupees, and have gained 78 percent since April. In terms of returns, India’s top private sector bank ICICI has outperformed SBI with a return of 138 percent during the same period.
But some of its smaller peers have generated eye-popping returns. Yes Bank, for instance, has gained 245 percent since April, while Allahabad Bank has jumped 152 percent.
After this surge, would you now be keen to invest in banking stocks?
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Yes, the show must go on.