SBI gains on hopes for improving asset quality

Last Updated: Thu, May 09, 2013 09:57 hrs

Shares in State Bank of India (SBI) gain 2.3 percent after state-run rivals Punjab National Bank and Union Bank of India Ltd reported a sequential improvement in asset quality for the January-March quarter.

The results are raising expectations that SBI, India's biggest state-run bank, also saw flat or improving non-performing assets in the previous quarter.

Both Punjab National and Union Bank have a strong positive correlation with SBI's share prices.

PNB shares are up 4.5 percent, while Union Bank shares rise 1.6 percent.

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