SBI rises after cutting down lending rates

NEW DELHI: Shares of SBI gained over 2 per cent in Wednesday's trade after the bank on Tuesday, announced a 5-basis-point cut in its benchmark lending rates across maturity.

Following the development, the stock advanced 2.55 per cent to Rs 313.60 on BSE. It opened at Rs 309.75 and touched an intraday high and low of Rs 313.90 and Rs 309.20 respectively, in the first hour of trade.

This is the first rate reduction by the nation's largest bank in 10 months. SBI pegged its benchmark rate at 7.95 per cent for a term of one year with effect from November 1, compared with 8 per cent earlier.

On Monday, October 31, 2017, the bank signed an agreement with seven companies for funding solar power energy projects. The seven companies include Adani Group, JSW Energy, Hinduja Renewables, Tata Renewables Energy, Azure Power, Cleantech Solar and Hero Solar Energy.

Promoters held 57.96 per cent stake in the company as of September 2017.

The scrip touched its fresh 52-week high of Rs 351.50 on October 26, 2017 and its 52-week low of Rs 231 on November 9, 2016.