Shares of State Bank of India rallied nearly 8 per cent on Friday as the country's largest lender has posted a multi-fold jump in consolidated net profit at 1,840.43 crore for the second quarter ended September 30, 2017 boosted by the sale of its stake in SBI Life Insurance.
The net profit profit stood at Rs 20.70 crore during the same quarter of the last financial year.
Following a positive open at Rs 315 against the previous close of Rs 313.75, the scrip touched an intraday high of Rs 338.15 and a low of Rs 309.60 on the BSE. The stock ended the session up by 6.2 per cent at Rs 333.20.
The Rs. 8,400-crore SBI Life Insurance's IPO was oversubscribed 3.58 times during the offer period from September 20-22. The portion meant for qualified institutional buyers was oversubscribed 12.56 times, while that for non-institutional investors received 70 per cent subscriptions and retail investors 85 per cent.
The insurer had fixed the price band for the IPO at Rs. 685-700 per share.