SBI Associates party on D – Street

The Associates of  the country's largest lender State Bank of India(SBI) are on the bull run on Dalal Street. The shares of SBI associates on Wednesday at 10.49 am have surged by over 12 per cent on an intra day basis. In May 2016, SBI had proposed the merger of 5 of its associates with itself.

According to CNBC reports, the Cabinet may approve SBI’s proposal to merge its five associate banks and Bharatiya Mahila Bank with itself very soon. On the news of the likely final approval by the centre the stocks of the associates have rallied. As on March 2016 the Government owns 61.32 per cent of the shares of SBI.

The shares of State Bank of  Bikaner and Jaipur at 11.06 am are trading at Rs 552.05, up by 10.48 per cent. State Bank of Mysore and State Bank of Travancore is up by 11.87 and 10.25 per cent respectively. 

State Bank of Mysore and  State Bank of Travancore have hit their respective 52-week highs on the BSE in the early trade of Wednesday. The parent SBI as at 11.16 am on the bourses is trading at Rs 210.35, up by 1.35 per cent.

State Bank of India (SBI) is a Indian multinational public sector bank. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. The bank apart from Treasury, Corporate/Wholesale Banking, Retail Banking and other Banking Business has also entered into businesses like Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products, etc. and has over 21000 ATMs.