SBI

CRR hike by RBI is unlikely: SBI

The chairman of the State Bank of India (SBI) Mr. P Bhatt has said that he expects the interest rates to remain stable in the next six months. CRR is currently at 5% and many expect it to go up
50 basis points due to inflationary pressures.

Reserve Bank of India (RBI) is due for its policy review on the end of the month and SBI expects no rise in the rates. CRR is the percent of deposits each bank has to park with RBI on a mandatory basis.

Bhatt said, “I do not see interest rates going up in the next 4-6 months. The industry still has a lot of liquidity and there are not many avenues to get returns.”

Sell SBI

Sell SBIStock market analysts have suggested investors to 'sell' State Bank of India (SBI) stock as there are full chances of a downward trend in this stock.

According to them, investors can sell the stock with a stop loss of Rs 2280 to achieve a target of Rs 2250.
 
Today, the shares of the bank opened at Rs 2247 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2500 and a low of Rs 894 on BSE.

Current EPS and P/E of the stock stood at 158.16 & 14.06 respectively.

SBI Intraday Buy Call

SBI Intraday Buy CallStock market analysts have maintained 'buy' rating on State Bank of India Ltd with an intraday target of Rs 2319.

According to them, interested traders can purchase the stock with a strict stop loss of Rs 2274.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 2335.

Shares of the company, on Monday (Dec 09), closed at Rs 2294.30 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 2500 and a low of Rs 894 on BSE.

SBI extends date of ‘8% home loan offer’

SBI extends date of ‘8% home loan offer’
Country’s biggest lender State Bank of India has lengthened its special home loan scheme at 8% rate of interest by more than 4-months till 31st March, 2010. The decision of the bank would help small home loan receivers.

SBI, which offer the special plan under `My Home Campaign` is providing 8 per cent fixed rate of interest for five years for loans amounting Rs 5 lakh, having an upper limit of 10 years.

Initially, the plan was slated to close this Saturday.

SBI’s Q2 net profit up 10%

SBI’s Q2 net profit up 10%State Bank of India, the country's largest lender, has registered a growth of 10.18 per cent in its Q2 net profit for the quarter ended September 30, 2009.

The bank posted a net profit of Rs 2490 crore for the quarter ended September 30, 2009, as against Rs 2260 crore in the corresponding quarter a year ago.

The state-owned lender said its total income for the quarter under review has grown up by 14.19 percent at Rs 17776 crore as compared to Rs 15567 crore in the quarter ended Sep 30, 2008.

On a standalone basis, the bank posted a net profit of Rs 2490.04 crore on a total income of Rs 21,301.04 crore.

SBI net profit up 10 percent

SBI net profit up 10 percentMumbai, Oct 31 - India's largest lender State Bank of India (SBI) Saturday said its net profit for the quarter ended Sep 30 rose 10.19 percent to Rs. 2,490 crore from Rs. 2,260 crore in the like period of last fiscal.

The state-owned bank said its total income for the quarter under review was up 14.19 percent at Rs. 17,776 crore as compared to Rs. 15,567 crore in the quarter ended Sep 30, 2008 .

SBI, which controls about 25 percent of the total loans and deposits in the country, also said gross non-performing assets rose 1.73 percent in the second quarter as against 1.34 percent a year earlier. (IANS)

SBI slashes deposit rates by 0.25%

State Bank Of IndiaState Bank of India (SBI), India's major banking institution, has announced that it has slashed its deposit rates across all maturities by 0.25%.

As per official sources, the downward revision on all maturities is effective from October 5.

SBI representatives stated in a communiqué that with this reduction, deposits of 1-year to less than 2-years, will now earn interest rate of 6.25% against 6.5% earlier.

SBI plans to set up administrative office in UK

SBI plans to set up administrative office in UKIndia's largest public sector lender, State Bank of India (SBI) envisages to establish an administrative office in UK by end of current fiscal.

The bank authorities stated in a communiqué that the new facility would act as a hub for the bank to control its European operations.

The sources informed that the bank wants to scale up presence in UK by opening 5 new offices in the coming one year, starting with one in November.

SBI Life Insurance launches Shubh Nivesh

SBI Life Insurance launches Shubh NiveshSBI Life Insurance, India's third major private life insurance company has announced the introduction of SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover for its customers.

The newly introduced savings plan (Shubh Nivesh) has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.

Hughes bags Rs 22.5 crore order from SBI

Hughes bags Rs 22.5 crore order from SBIHughes Communications, a leading networking solutions provider, has informed that it has received a five-year contract worth Rs 22.5 crore from public sector lender the State Bank of India (SBI).

The sources said that the order has been placed for deploying satellite broadband network to connect bank's off-site ATMs across the country.

As per the terms of the contract, Hughes will provide system integration, satellite bandwidth and network management services to SBI.

Buy SBI With A Stop?Loss Of Rs 1840: Nirmal Bang

Buy SBI With A Stop?Loss Of Rs 1840: Nirmal BangIn its latest research report, Nirmal Bang, an equity research firm said that State Bank of India can give good returns in the short term.

According to Nirmal Bang Research, interested traders can buy the stock with a strict stop loss of Rs 1840 to achieve a target of Rs 2005.

Today (Sep 09), the shares of the company opened at Rs 1899 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 154.53 & 12.27 respectively. The share price has seen a 52-week high of Rs 1935 and a low of Rs 894 on BSE.

SBI cuts deposit rates to 7.25%

SBI cuts deposit rates to 7.25%Country’s largest public sector lender, the State bank of India, has reduced deposit rates by 25 basis points under its 1000-day scheme launched last year for mopping up funds amid global financial crisis.

The move will help its net interest margin bringing it at par with the interest rates offered by other public sector lenders. The new rates will come into force from September 8.

SBI announces farm loan concessions

SBIThe country's largest lender, State Bank of India (SBI), cut interest rates for small irrigation projects and crop loans up to 525 basis points, in a bid to support Indian peasantry affected by drought-like conditions due to poor rainfall in the current crop season.

The bank will offer loans for minor irrigation projects at 8 and 9 per cent interest rates for the first and next two years, for loans up to Rs 25 lakh granted in financial year 2009
-10. The same bank has been till now charging 10.5 per cent and 13.25 per cent interest rate under the same category.

Buy ‘SBI’ For Short Term: Abhishek Jain, StocksIdea.com

Bank unions postpone July 6 strike Technical analyst Abhishek Jain of Stocksidea. com has suggested investors to buy State Bank of India for short term.

Mr. Jain expects the stock to hit a target of Rs 1965.

According to Mr. Jain, the stock may face some resistance around Rs 1915 levels, but after that it can even have more upward movement.

The scrip has very strong support at Rs 1657.

3i Infotech ties knot with SBI

3i Infotech ties knot with SBI3i Infotech, an IT solutions provider and software product company, has joined hands with State Bank of India, the country's largest lender, to provide revolutionary Kiosk banking facilities to the rural citizens of India.

Under the agreement, SBI will get access to over 6,000 villages in Tamil Nadu alone through around 2,000 I-SERVE stores of 3i Infotech over a period of time.

SBI expects stable interest rates till October

State-Bank-IndiaThe country's largest public sector lender, the State Bank of India (SBI) ruled out any possibility of rise in interest rates till the end of festival months of October or November, despite huge borrowing program announced by the Government of India for the current financial year.

SBI Chairman O P Bhatt, speaking at the inauguration of a new bank branch said: "We don't see the rates rising till Diwali. On the contrary, rates may drop by 25 to 50 basis points by then."

LIC hikes stake in SBI to 10 percent

LIC hikes stake in SBI to 10 percentLife Insurance Corporation of India (LIC), the largest insurer of the country has announced that it has increased its stake holding in India's major public sector lender, State Bank of India.

The company stated in a communiqué that it has bought 0.03% more stake in the bank and increased its stake to 10.02 per cent.

According to sources, the company has purchased 1, 90,000 shares through an open market transaction.

With this latest transaction, LIC has increased its pre-existing holding of 9.99 per cent to10.02 per cent.

Bharti approaches SBI for $2 billion loan

Bharti AirtelThe country's No. 1 telecom giant, Bharti Airtel, under merger talks with South Africa's MTN Group, has approached State Bank of India (SBI) to avail a loan worth $2 billion for $23-billion merger. The company has yet to pass many hurdles - such as approval from MTN's shareholders, having significant shares in the world's third-largest mobile operator - to materialize the merger.

SBI slashes home loan rates

SBIThe country's leading public sector bank, the State Bank of India, has announced a further cut in the interest rates for home loans, in line with its special three months long SBI My Home Campaign set to start from Saturday. The move will further intensify the home loan war between rivals public and private sector banks, which will leave no stone unturned to woo customers by providing cheap and affordable interest rates.

HCL Infosystems receives an order worth Rs 40 crore from SBI

HCL Infosystems receives an order worth Rs 40 crore from SBI HCL Infosystems, India's premier information enabler and leading ICT System Integrator, has received an order worth Rs 40 crore from public sector bank State Bank of India (SBI) and associated banks to deploy, maintain and service their ATMs.

As per the agreement, HCL will deploy over 1,000 ATMs and cash dispensers with enhanced features such as Braille and support for multi-lingual content.

Many market experts are now-a-days are recommending a buy call in HCL Infosystems from a short-term perspective.




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