SBI share price rises 7% in afternoon trade, among top Sensex gainers

SBI share was among the top Sensex and Nifty gainers today amid a strong recovery in equity market after Modi government  unveiled its coronavirus lockdown exit strategy. SBI share price rose up to 6.83% or 11 points to Rs 171.25 compared to the previous close of Rs 160.30 on BSE. On NSE, the stock rose up to 6.26% to Rs 171.40 against previous close of Rs 161.30.

SBI share has risen 7.77% in last two days. SBI stock has lost 51.61% in last one year and fallen 48.88% since the beginning of this year. In one week, the stock has gained 13%. SBI stock has a outperform rating as on June 1, 2020.

Of 46 analysts covering the stock, 39 have buy or outperform rating,  five recommend hold, one underperform and one sell, according to  Reuters. The stock opened with a gain of 2.31% at Rs 164 today. It trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

Market cap of the lender rose to Rs 151.45 lakh crore on BSE. The large cap stock hit its 52 week high of Rs 373.70 on July 8, 2019 and 52 week low of Rs 149.55 on May 22 , 2020.

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Last week, SBI said it has decided to automatically extend the moratorium by another three months for all eligible borrowers without waiting for their request. The lender said it has also contacted all of its eligible loan customers to obtain their approval to stop their standing instructions for the equated monthly instalments (EMIs) due in June, July and August 2020.

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"For this, the bank has simplified the process of stopping the EMIs by initiating a short message service (SMS) communication to nearly 8.5 million eligible borrowers asking about their consent to stop EMIs. The borrowers have to reply with a yes to a designated virtual mobile number (VMN) mentioned in the SMS sent by the bank within five days of receiving the SMS, if they wish to defer the EMIs," the statement said.

By Aseem Thapliyal