MARKET EYE-SBI gains; StanChart says bank to revise debt numbers

Mon Nov 12, 2012 12:58pm IST

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A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

* Shares of State Bank of India rise as much as 1.5
percent after Standard Chartered Bank says SBI over-estimated
its gross slippage for the July-September quarter, according to
an email sent to clients. 
* Gross slippages at the bank should be at 71 billion rupees
($1.30 billion), in line with expectations and management
guidance, StanChart said in its email.
* StanChart added SBI was updating its numbers from Friday's
July-September results and would clarify this at an investor
conference call later in the day.
* On Friday, SBI said gross slippages were at 85 billion rupees,
as part of quarterly results that showed its smallest profit
increase this year, which sent shares down 3.9 percent. 
 
* Net slippages and gross and net non-performing loans remain
unchanged, Standard Chartered said.
* Senior executives at SBI were not immediately reachable.
* SBI shares were up 0.7 percent as of 0727 GMT.
($1 = 54.7550 Indian rupees)

 (swati.pandey@thomsonreuters.com)
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