SBI, HDFC Bank, Bank Of India: Hot Stocks Today December 6; Check Latest Share Price Update Here

Three banking stocks that will remain in focus on Wednesday include SBI, HDFC Bank, and Bank Of India. The share price of State Bank of India (SBI) closed over 2% higher at Rs 608.40 per share on Tuesday, HDFC Bank shares closed 0.89% higher at Rs 1623.45 per share, while the share price of Bank of India was up 0.87% at Rs 110.15 per share on Tuesday.

SBI:

SBI has entered today's list of hot stocks after in an exchange filing on Tuesday the lender informed that it is considering acquiring a 20% stake in SBI Pension Funds Pvt Ltd currently held by SBICAPS (a wholly owned subsidiary of SBI).

All regulatory approvals in this regard have been obtained, said SBI on Tuesday. RBI and PFRDA have accorded their approval for the acquisition and the acquisition will be completed by 15.12.2023. as per the exchange filing. The cost of acquisition is Rs. 229.52 crore.

SBI, the holding company of SBIPFPL currently holds a 60% stake in the company. Through this latest transaction, the company is set to increase its stake to 80%.

HDFC Bank:

HDFC Bank has sought approval from shareholders for the reappointment of Sashidhar Jagdishan as managing director and CEO of the bank and the appointment of V Srinivasa Rangan as executive director of the bank. HDFC Bank's stock price is likely to remain in the spotlight today. The stock has fallen 0.35% in this year so far.

Bank of India:

State-run Bank of India on Tuesday started a qualified institutional placement (QIP) at a floor price of Rs 105.42 per piece. The public sector lender is reportedly looking to raise up to Rs 4,500 crore. This is the bank's first Q1P launch since 2021.

The share sale comes at a time when the share price of Indian state-owned lenders has touched the sky. In this year so far, the returns from the Nifty PSU Bank index and Bank of India are up almost 25% each.

The net interest income (NII) for the state-owned lender rose 13% at Rs 5,740 crore in Q2FY24, from Rs 5,083 crore in the same quarter of the previous fiscal year.