"We believe IIP manufacturing and IIP in April will contract by 50% -60% with some improvement in May in the range of -30% to -35%" said the SBI report released on Wednesday. Official release of IIP numbers for April are scheduled to be released in the second week of June.
According to the PSU lender's press release, it has "proactively reached out to all of its eligible loan customers to obtain their consent to stop their Standing Instructions (SIs) / NACH mandate for the EMIs falling due in June, July and August 2020."
A total of 5,722 shares changed hands on the counter till 01:13PM (IST)
After the steep rate cut, SBI's 1 year to less than 2 year FDs will fetch 5.1 per cent, 3 years to less than 5 years will earn 5.3 per cent and 5 years and up to 10 years will earn investors 5.4 per cent.
‘The valuations at this point of time are fairly attractive across the financial sector’
The bank set the floor price of the issue at Rs 1,147.75 per share, which was at just half a per cent discount to Tuesday's closing price of Rs 1,152.45.
A total of 26,791 shares changed hands on the counter till 10:01AM (IST).
Shares of State Bank of India traded 0.2 per cent up in trade at 09:30AM on Wednesday.
SBI Research estimates the economy will contract by 6.8 per cent in FY21.
The benefits paid on discontinued funds accounted for about Rs 35,000 crore for private sector insurers in FY19 and Rs 4,000 crore for LIC.
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