Merger talk lifts shares of SBI and other state-owned banks

Despite the equity markets trading range bound at lower levels, state-owned bank stocks soared on possible merger talks in Wednesday's trading. The boards of SBI and the associate banks had met individually on Tuesday to take a call on the proposed merger and begin talks. On Wednesday, State Bank of India shares were up 1.78 per cent to close the day's trade at Rs 180.2. Two of the banks associates also rallied with State Bank of Mysore gaining 9.44 per cent to Rs 467.