State Bank of India approved to dilute up to 5% stake in SBI Life

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State Bank of India has informed BSE that the Executive Committee of the Central Board (ECCB) at its meeting held on October 14, 2016 has approved to dilute up to 5% stake of SBI  to a non-promoter entity.
SBI Life is a joint venture between State Bank of India and BNP Paribas Cardiff. SBI owns 74% in the life insurer.
Stock Commentary:
State Bank of India ended at Rs 251.9, up by Rs 2.2 or 0.88% from its previous closing of Rs 249.7 on the BSE.
The scrip opened at Rs 251.25 and touched a high and low of Rs 253.3 and Rs 249.7 respectively. A total of 15608518(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 195544.35 crore.
The BSE group ‘A’ stock of face value Rs 1 touched a 52 week high of Rs 271.55 on 08-Sep-2016 and a 52 week low of Rs 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 260.2 and Rs 246.1 respectively.
The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 28.64 % and 9.48 % respectively.
The stock traded above its 50 DMA.

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