The State Bank of India share was trading up nearly 1 per cent or about Rs 24.75 at Rs 2,577.75 at 12.20 p.m. on the Bombay Stock Exchange.
The stock opened at Rs 2,561 and touched a high of Rs 2,602 in the morning trade before retracing a bit.
The upward movement in the stock comes in the backdrop of the news that the bank is planning to roll out stock options for its employees. SBI has about 2.19 lakh employees on its rolls as of June 2014.
The bank chairman, Arundhati Bhattacharya, had said in an interview to Business Line yesterday that the bank hopes to have a scheme in place soon for which there is in-principle approval from the Finance Ministry.