Banking stocks trade in fine fettle on the bourses

State Bank Of India | Bank - Public | BFSI | BSE: 500112 | NSE: SBIN

30 Aug 2016 Evaluate

Stocks related to banking counter continue to trade jubilantly for second day in a row with Union Minister Nirmala Sitharaman defending her demand for 2 per cent cut in interest rates by RBI, saying it is essential to boost SMEs and create jobs.

State Bank of India (SBI) is currently trading at Rs. 251.60, up by 2.85 points or 1.15% from its previous closing of Rs. 248.75 on the BSE. The scrip opened at Rs. 249.15 and has touched a high and low of Rs. 252.00 and Rs. 249.15 respectively. So far 345379 shares were traded on the counter.

Punjab National Bank (PNB) is currently trading at Rs. 124.90, up by 1.85 points or 1.50 % from its previous closing of Rs. 123.05 on the BSE. The scrip opened at Rs. 124.30 and has touched a high and low of Rs. 125.45 and Rs. 123.70 respectively. So far 216295 shares were traded on the counter.

Axis Bank is currently trading at Rs. 594.85, up by 6.05 points or 1.03% from its previous closing of Rs. 588.80 on the BSE. The scrip opened at Rs. 590.20 and has touched a high and low of Rs. 598.90 and Rs. 590.20 respectively. So far 182356 shares were traded on the counter.

Commerce and Industry Minister Nirmala Sitharaman has pitched for as much as 200 basis points interest rate cut by Reserve Bank of India (RBI) to boost Small and Medium Enterprises (SMEs) and create jobs. Sitharaman who also heads the SME Ministry said that “I still hold that the cost of credit in India is high. Undoubtedly, particularly MSMEs which create a lot of jobs contribute to exports are all hard pressed for money and for them, approaching a bank is no solution because of the prevailing rate of interest. I have no hesitation to say, yes 200 bps (2%), I would strongly recommend.”

The minister said that SMEs access to credit is based on real environment in which they are doing business, world over interest rate is low equally, income generation/ jobs are important and also added that for long periods, if rates would remain high SMEs would not be able to afford the borrowing. Undoubtedly, particularly SMEs which create a lot of jobs contribute to exports are all hard pressed for money and for them, approaching a bank is no solution because of the prevailing rate of interest.

She said that for long periods, if rates would remain high SMEs would not be able to afford the borrowing. The minister also said she will take up the matter with the Finance Minister about directing banks to pass on benefits of the rate cuts to the industry.

SBI Share Price

979.15 -40.40 (-3.96%)

11-May-2026 12:54 View Price Chart

Peers

Company Name	CMP
SBI	979.15
PNB	105.90
Canara Bank	134.05
Bank Of Baroda	267.05
Union Bank Of India	164.35
View more..

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