SBI at all-time high on robust Q1 result

Cheering its robust Q1 results,shares of SBI hit an all-time high of Rs 2,733.95.

Cheering its robust June quarter results,shares of State Bank of India climbed 5 per cent,hitting a life-time high of Rs 2,733.95 on the BSE,helping it turn green.

The scrip had already opened on a strong note,despite a weak broader market,on the hopes of strong Q1 numbers.

The rise on SBI counter also helped the broader market benchmark Sensex swing into the green. The BSE Sensex was quoting at 18113.62,up 43.43 points,in the afternoon trade.

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In the early trade,the Sensex had lost 155 points to hit a low of 17914.78.

The SBI stock accelerated during the mid-session after the Bank announced a rise of 25 per cent in profits,on standalone basis,to Rs 2,914.2 crore for the quarter ended June 30,2010. The results beat analysts forecast.

Soon after the results were announced,SBI shares zoomed 5 per cent to touch a new-high of Rs 2,733.95.

SBI,the country’s largest lender,today posted a jump of 25 per cent in net profit for the April-June quarter to Rs 2,914.2 crore,compared to Rs 2,330.37 crore in the same period a year-ago.

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The consolidated net profit of the bank,however,showed a growth of 21.5 per cent to Rs 3,467.09 crore for the quarter ended June 30,2010.