SBI regains confidence with LIC’s stake hike

State Bank of India is currently trading at Rs 988.30, up by 0.50 points or 0.05% from its previous closing of Rs 987.80 on the BSE.

The scrip opened at Rs 990 and has touched a high of Rs 998.90 with a low of Rs 975.So far 2, 97,900 shares were traded on the BSE.

The BSE group ‘A’ Bankex stock of face value Rs 10 has touched a 52 week high of Rs 1840 on May 2, 2008 and a 52 week low of Rs 894 on March 9, 2009.

The BSE Bankex is currently trading at 4,126.09, up by 0.95% from its previous closing.

The scrip price has witnessed a positive swing of 10.20% since last week and a correction of 10.18% since last month.

Life Insurance Corporation (LIC) has informed the Stock Exchanges that it has raised its stake in the country’s largest bank, State Bank of India (SBI), to 9.16%, from 4.58% in December 2008; the largest insurer of the country has nearly doubled its stake in SBI in the last three months.

LIC has acquired 1.34 crore shares, representing 2.11% equity of State Bank, for Rs 1,484.12 crore on Monday while the remaining shares were bought through open market transactions between November 2008 and March 2, 2009.