HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > Stock Market News > Hot Pursuits

SBI pepped up by rumours on FII ceiling

February 12, 2003 12:50 IST

State Bank of India found itself the subject of speculation again as rumours that RBI would be amending its FII ceiling came to the fore once again.

The scrip of India's largest commercial bank, as a result, proved the biggest gainer in the 30-share Sensex, up 2.58% to Rs 302, by 10:55 IST. Substantial volumes of over 1.44 million SBI shares were registered on BSE by that time.

Though the rumours seem very much like old hat, they never fail in generating interest on the SBI counter. Last week, too, the scrip had risen on these rumours. The finance ministry, subsequently, denied any government intention to raise the investment limit for FIIs in SBI.

Though talk that the government will increase the investment limit for FIIs has been going on in the market for a long time now, this time round, players feel a conviction that the government will raise the FII investment limit. This has set off huge buying interest on the counter.

As per market talk, CL Securities is buying briskly on the SBI counter. It is supposed to have acquired over 15 lakh SBI shares in the derivatives market on behalf of an FII.

Currently, there is a cap of 20% for FIIs in SBI. The GDR holding also comes under the overall ceiling of 20% . At present, the FII limit stands exhausted as they hold a 19.63% stake in SBI (as per the shareholding pattern of the bank on 31 December 2002). The holding of FIIs includes the 7.88% holding of GDR holders in the bank.

For Q3 ended 31 December 2002, SBI recorded a 28% growth in net profit to Rs 787.05 crore (Rs 7.87 billion). Net revenues jumped by 18% to Rs 3,756.93 crore (Rs 37.56 billion). For the nine months ended 31 December 2002, net interest income recorded a 7% rise to Rs 7,210.20 crore (Rs 72.1 billion), mainly due to an increase in interest income by 4% to Rs 23,066.35 crore (Rs 230.66 billion). Net profit stood at Rs 2367.45 crore (Rs 23.67 billion), up 30%.

BSE Code: 500112

More Hot Pursuits


Source: www.capitalmarket.com

Intra-Day Market Report



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


SBI surges

SBI advances

SBI plunges even as Q3 beats street



People Who Read This Also Read


Hero Honda hits new 52-week low

Global Trust Bank eases

Cipla continues to be displaced







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.