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State Bank of India (SBIN.BO)

BSE - BSE Real-time price. Currency in INR
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203.30-0.55 (-0.27%)
At close: 3:59PM IST
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Previous close203.85
Bid203.40 x 0
Ask203.70 x 0
Day's range201.05 - 204.55
52-week range149.55 - 351.00
Avg. volume2,906,024
Market cap1.815T
Beta (5Y monthly)0.98
PE ratio (TTM)8.41
EPS (TTM)24.19
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend date26 May 2017
1y target estN/A
  • Amazon India Partner Faces Debt Deadline as Grace Period Ends

    Amazon India Partner Faces Debt Deadline as Grace Period Ends

    (Bloomberg) -- Inc.’s India brick and mortar retail partner Future Retail Ltd. is in talks with banks to help fund a missed interest payment before a deadline Friday.The company failed to pay $14 million of interest due July 22 on its 5.6% 2025 dollar notes, and is in a 30-day grace period that expires Friday. If payment were not made within the grace period, it would constitute a default -- the first by an Indian company on a dollar security since March.Adding to signs of strains in the broader conglomerate, another Future Group unit said it has defaulted on a rupee note interest payment.Future Retail is in discussions with lenders led by State Bank of India to raise cash to help pay the interest on the dollar security, but the banks had declined to commit to the financing, people familiar with the matter said Thursday.Read about the founder of Future GroupFuture’s cash crunch has been exacerbated by the Covid-19 pandemic and lockdown, which was the world’s biggest. Its woes are emblematic of broader challenges Indian businesses face as the economy is forecast to contract for the first time in four decades. While a crunch in the debt market has eased after central bank stimulus, the creditworthiness of many borrowers remains strained.A Future Retail spokesman declined to comment.An SBI spokesperson didn’t respond to an email and a call went unanswered.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Hijacking Bankers to Catch Swindlers Won't Work

    Hijacking Bankers to Catch Swindlers Won't Work

    (Bloomberg Opinion) -- Corporate chicanery appears in multiple forms and with unfailing regularity: think Enron Corp. or Wirecard AG. What bedevils capitalism in India is the propensity of some investors to cheat all other stakeholders.In good times, “promoters” — as controlling shareholders are known in local law — puff up project costs and award contracts to related parties, draining profits away from the company. The extraordinary effort that entrepreneurs put in to beat the country’s legendary red tape provides, at least in some minds, a justification for helping themselves to an outsize share of the spoils. A highly opaque system of election financing gives politicians a stake in perpetuating the status quo. In bad times, promoters leave creditors with hardly any value to extract from failed businesses. The biggest victim is a state-dominated banking system that recoups very little from insolvent companies. To give government-backed lenders visibility on whether their funds are being siphoned off, the central bank recently took a drastic step. Any company with 500 million rupees ($6.7 million) or more in debt will have to open a dedicated account at a bank exposed to at least 10% of its borrowings to pay creditors. Only the lender operating this escrow account can handle the firm’s day-to-day banking business. Since public-sector banks do the bulk of corporate lending, they stand to gain current accounts. Existing banking relationships will need to be consolidated within three months. This is bound to upset the likes of Citigroup Inc., HSBC Holdings Plc and Standard Chartered Plc. These global-local, or “glocal,” banks have been beefing up their cash management platforms — and integrating them with their customers’ computer systems. The more they help businesses save money across cross-border supply chains and earn smart returns on idle balances, the bigger the current-account pile that gravitates toward them.Citigroup alone has $900 billion-plus of such deposits worldwide. This is free funding, which takes banks years of investments in technology and customer relationships to acquire. To be asked to cede this advantage in an important market is unfair. Take Citi again. With the exception of State Bank of India, the biggest Indian lender, no government-controlled institution enjoys a deeper penetration when it comes to acting as the lead cash management bank for India’s largest companies.The U.S. bank isn’t alone. The U.K.’s StanChart is also competitive in signing up top companies. HSBC and Singapore’s DBS Group Holdings Ltd. are the other two foreign banks with significant cash management businesses.“The dislocation over the next few months can be unsettling for both the glocal banks and their cash-management customers,” says Gaurav Arora, Greenwich Associates’ head of Asia-Pacific. If the Reserve Bank of India’s move smacks of being an act of desperation, that’s because it probably is. India’s labor-surplus economy can’t afford to keep hemorrhaging precious financial capital to promoters’ private-bank accounts in Singapore or Switzerland. And yet such is the political power of large debtors that every legal tool given to creditors has tended to become blunt over time. The 2016 bankruptcy act, the latest and most promising in the series, saw recovery rates of just 12% in the December quarter. Worse still, after the coronavirus outbreak, insolvency courts have been shut for a year to new cases. The pandemic has also brought back loan restructuring, where banks can extend repayment tenures and pretend that accounts are standard and don’t need additional provisions. This, as Fitch Ratings notes, is a reprisal of India’s strategy between 2010 and 2016. Back then, extend-and-pretend exacerbated what would eventually become a $200 billion-plus stressed asset problem.The big idea behind the current-account regulation seems to be this: If taxpayer-funded banks can’t hope to recover much from dead companies, they should at least be able to monitor how living ones use their money. However, just because bankers can see more transactions doesn’t mean they will. Punjab National Bank lost nearly $2 billion in a scandal involving an uncle-nephew jeweler duo by running up international liabilities over the Swift messaging network — and not reconciling them with its core banking software. The scam went on for seven years. Since then, PNB claims to have been swindled three more times.India’s banks need long-pending governance reforms. To thwart bad behavior, the RBI needs more muscular supervision. Hijacking customers of Citi or StanChart and redistributing them among those who don’t necessarily have the best expertise is socialist overkill. It will also prove useless. Errant company bosses will be one step ahead, as they’ve always been. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Upbeat broker recommendations for State Bank Of India

    Upbeat broker recommendations for State Bank Of India

    The State Bank Of India (NSI:SBIN) share price has risen by 4.09% over the past month and it’s currently trading at 191.6. For investors considering whether to...