SBI shares in focus as bank to consider raising funds on June 11

Shares of State Bank of India (SBI) are in focus today after the lender said the board of directors would meet on June 11 to consider long-term fund raising in single/multiple tranches of up to $3 billion through a public offer or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.

SBI stock closed 14.42% lower at Rs 775.20 on Tuesday. Market cap of SBI slipped to Rs 6.91 lakh crore. Total 79 lakh shares changed hands amounting to a turnover of Rs 634.64 crore on BSE.

The SBI stock hit its 52-week low of Rs 543.15 on October 26, 2023.

The scrip is trading neither in the overbought zone nor in the oversold zone, signals its relative strength index (RSI) of 42.2. SBI stock has a one-year beta of 0.9, indicating very low volatility during the period.

SBI shares are trading lower than the 5 day, 10 day, 20 day, 50 day but higher than the 100 day and 200 day moving averages.

The stock has risen 20.76% in 2024 and gained 67% in two years.