Share price of State Bank of India (SBI) rose almost 4% in Friday's early trade ahead the lender's March quarter results scheduled to be announced later in the day. SBI share price touched an intraday high of Rs 180.9, rising 3.94% on BSE today compared to its earlier close of Rs 174.05 on BSE.
SBI stock price is trading higher than its 5 and 20-day moving averages but lower than 50, 100 and 200-day moving averages.
SBI stock has risen 11.14% in one week and 4.49% in one month.
As per HDFC Securities, SBI's loan growth is expected to moderate to approx 3% YoY, while its NII is expected to grow 12% YoY at Rs 2561 crore.
Non-interest income is expected to grow at 46% QoQ due to gains from the stake sale in SBI Cards and seasonal trends in fee income.
PAT is expected to grow 10% QoQ, partially aided by the lower tax rate (opted for new tax regime in 3Q). On a YoY basis, PAT is expected to grow 7.3x (on smaller base).
The company also informed BSE, NSE on Thursday that its board would meet on June 11 to consider raising funds in single or multiple tranches of up to $1.5 billion.
The lender said it will raise funds in FY21 through a public offer, a private placement of senior secured notes in the US dollar or any other convertible currency.
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