SBI turns ex-stock split today
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Shares of State Bank of India (SBI) is trading higher by 1% at Rs 294 in early trade on the National Stock Exchange (NSE) after the stock turned ex-stock split today.
The stock opened at Rs 295 and touched a low of Rs 291 so far. A combined around one million shares changed hands till 0917 hours on NSE and BSE.
The country’s largest public sector lender had subdivided the face value of its equity shares to Re 1 from Rs 10.
The bank fixed November 21, 2014 as the record date for determining the eligibility of shareholders entitled to receive 10 equity shares of nominal value of Rs 1 each in lieu of 1 equity share of nominal value of Rs 10 each on account of reduction in face value (Sub-division of equity shares).
Stock split increases liquidity of a share as more retail investors buy the share due to its reduced price per share.
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Public sector banks' cumulative profit crossed Rs 1.4 trillion in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 trillion.
The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23.
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Shares of Vedanta hit 14-year high of Rs 438.30, surging 6 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes after the company said its board will meet on Thursday, May 16 to consider fund raising plan. The board will also consider first interim dividend on equity shares, if any, for the financial year 2024-25.
Currently, Vedanta is trading at its highest level since May 2010. The stock had hit a record high of Rs 494.30 on April 8, 2010. In past two months, the market price of Vedanta has appreciated by 75 per cent.
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Quant Money Managers has got the banking regulator's approval to acquire an aggregate holding of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank within May 12, 2025.
The stake can be acquired through various schemes of Quant Mutual Fund, a subsidiary of the investment management firm. As of May 10, Quant Money held 4.68 per cent of RBL Bank's equity share capital.
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Food tech major Zomato on Monday said its subsidiary Zomato Payment Pvt Ltd (ZPPL) has decided to voluntarily surrender the certificate of authorisation it obtained from the Reserve Bank to operate as an online payment aggregator.
"At Zomato, we do not see ourselves having a significant competitive advantage against the incumbents in the payments space and hence we don't foresee a business in payments space as commercially viable for us, at this stage.
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Senior BJP leader and former Bihar Deputy Chief Minister Sushil Kumar Modi passed away at the age of 72 on Monday, said the Bihar unit of BJP.
Modi had in April this year revealed that he was suffering from cancer and that he would not contest the 2024 Lok Sabha elections due to his poor health.
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