SBI stock dips 3% post weak earnings, mcap falls by Rs 6,819cr
New Delhi: Shares of State Bank of India today settled down nearly 3 per cent on the bourses after the company reported weak third quarter earnings.
Accordingly, the market capitalisation of SBI declined by Rs 6,819.23 crore to Rs 2,49,034.75 crore at the end of today's trading session.
SBI Group on February 9 had reported a massive Rs 1,886.57 crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked. It had, in contrast, reported a net profit of Rs 2,152.14 crore in the same quarter of the last fiscal.
During the day, the company's stock opened at Rs 288, then slumped 3.85 per cent to touch an intra-day low of Rs 285 and finally ended at Rs 288.50, down 2.67 per cent on BSE.
The stock was the top loser in the 30-share benchmark index Sensex, even as the broader market settled with gains of 294.71 points.
On the NSE, the stock opened at Rs 288.25, then fell to an intra-day low of Rs 285.15 and finally settled at Rs 290.10, down 2.13 per cent.
Edelweiss Securities in a research note said, "While Q3FY18 performance disappointed in terms of revenue momentum and slippage recognition, operating metrics seem to have bottomed out this quarter".
The nation's largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 2017-18.
The gross dud assets ratio jumped from 7.23 per cent to cross the double-digit mark at 10.35 per cent during the quarter under review.
State-owned PNB today said it has received Rs 2,816 crore as capital infusion from the government via preferential allotment of equity shares.
The Border Roads Organisation has spent more than Rs 1,900 crore on construction and improvement of infrastructure on the north-western and north-eastern borders of India, the government said.
The population of tigers is on the rise, the government said today quoting preliminary census data.
Barely two weeks since launch, BSNL's internet telephony service 'Wings' has received over 4,000 bookings for the new offering that will allow users to dial any phone number in India through a mobile app, starting this week, its Chairman said today.
The National Green Tribunal has directed the Haryana government to restore 123 water bodies in Gurugram and Faridabad districts and assign each one of them a unique identification number within three months.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.