SBI stocks: Shares of State Bank of India (SBI) were trading over a percent higher in the afternoon session after the board of the state-owned lender approved raising Rs 20,000 crore through a public issue or private placement of long-term bonds in FY25. SBI shares rose by 1.23% to Rs 855, up from the previous close of Rs 844.60 on the BSE. The bank’s market capitalization increased to Rs 7.59 lakh crore. A total of 6.46 lakh shares were traded, resulting in a turnover of Rs 55.61 crore on the BSE.
The scrip is trading neither in the overbought nor oversold zone, as indicated by its relative strength index (RSI) of 55.4. SBI stocks have a one-year beta of 1.4, reflecting very high volatility during this period.
SBI shares are trading above their 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The stock has risen 32% in 2024 and gained 50% over the past year.
We submit that the Central Board, at its meeting held today, June 19, 2024, has approved raising long-term bonds to an amount of Rs. 20,000 crores through a public issue or private placement during FY25, the lender stated in a communication to the bourses.
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In January this year, SBI raised Rs 5,000 crore through perpetual bonds with an 8.34 percent coupon. In the previous financial year, the bank raised Rs 20,000 crore by selling 15-year infrastructure bonds.
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