Muhurat Trading: SBI gains 1% on fund raising plan


Share prices of  State Bank of India
gained 1 percent each on Muhurat day as it has approved issue of equity shares of upto Rs 5681 crore to government of India via preferential issue.

The bank has also cut its one-year marginal cost of funds based lending rate (MCLR) by 15 bps to 8.9 percent from November 1, while senior citizens will get 50 bps over card rate for deposits.

The company’s board meeting is scheduled to be held on November 11, 2016, to approve the reviewed working results of the bank for the half year ended September 30, 2016 (Q2).

At 19:15 hrs State Bank of India was quoting at Rs 258.10, up Rs 0.25, or 0.10 percent on the BSE.