SBI gains on inking MoU with Tata trust

State Bank of India (SBI) is currently trading at Rs. 2085.10, up by 11.70 points or 0.56% from its previous closing of Rs. 2073.40 on the BSE. The scrip opened at Rs. 2078.10 and has touched a high and low of Rs. 2104.00 and Rs. 2070.70 respectively. So far 230236 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2469.25 on 20-May-2013 and a 52 week low of Rs. 1452.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 2105.05 and Rs. 2035.45 respectively. The current market cap of the company is Rs. 155447.72 crore. The promoters holding in the company stood at 58.60 % while Institutions and Non-Institutions held 30.53 % and 8.75 % respectively. State Bank of India (SBI) has entered into a memorandum of understanding (MoU) with Sir Dorabji Tata Trust & The Allied Trusts for poverty alleviation and rural development in a sustainable way. As per MoU, Tata Trusts will provide training and capacity building, identify partner organizations such as farmer producer companies and self help groups and provide implementation and technical support to make them sustainable. The Bank would take care of the need-based credit support by providing working capital. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.