The State Bank of India (SBI) on Monday emerged as the seventh Indian listed company to have surpassed Rs 8 lakh crore market capitalisation.
India’s largest public sector bank’s m-cap crossed the milestone for the first time today after its share price rallied 8.4 per cent, hitting a new high of Rs 899.55 on the BSE in the intraday trade.
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Amid the ongoing rally due to the exit polls predicting landslide victory for the BJP-led NDA government, SBI’s stock was up 8.2 per cent at Rs 898.45 on the BSE at 11:58 AM, translating into a Rs 8.02-trillion market cap. In comparison, the S&P BSE Sensex was up 3.1 per cent at 76,279.
Earlier, Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank have all attained this milestone.
Shares of SBI along with other PSU stocks are rising after the exit polls prediction. The final counting and announcement of the result is to be held on June 4.
The market cap of the Bombay Stock Exchange (BSE) has touched Rs 424 trillion or USD 5.09 trillion in value terms.
Further, investors saw a surge in wealth by Rs 12.48 trillion, coinciding with the Sensex reaching its all-time high.
Recently, the SBI reported a net profit of Rs 20,698 crore in the fourth quarter of FY24, registering a growth of 24 per cent from Rs 16,694.5 crore in the year ago quarter.
The PSU lender’s net interest income (NII) in Q4FY24 increased marginally by 3.1 per cent to Rs 41,656 crore from Rs 40,392.5 crore, year-on-year (YoY).
Asset quality of the bank improved during the March quarter as Gross NPA decreased 2.9 per cent and Net NPA declined 6.1 per cent QoQ.
