SBI becomes sixth most valuable company; M-cap soars to Rs 8 lakh cr

The stock rallied more than 12% intra-day to hit a high of Rs 912.10. Its shares have soared over 40% so far this year.
After the stellar March quarter earnings, most brokerages have a buy call on SBI with over 30 per cent upside in the medium term.
After the stellar March quarter earnings, most brokerages have a buy call on SBI with over 30 per cent upside in the medium term. File photo

MUMBAI: Country’s largest lender State Bank of India on Monday became the sixth biggest company in terms of market capitalisation with over Rs 8 trillion (Rs 8 lakh cr) in value and the only public sector entity to become so, which also make it the most valued government entity and the third most valuable bank.

At the end of trading hours on Monday, a day when the market was on a steroids after exit polls gave a clear third term to Narendra Modi, with the Sensex rallying by 3.4% and the Nifty soaring by 2.35%, the SBI counter closed at 905.80 on the BSE, gaining as much as 9.12% over Friday’s close with a m-cap of Rs 8,08390.27 crore or Rs 8.08 trillion. The stock rallied more than 12% intra-day to hit a high of Rs 912.10. Its shares have soared over 40% so far this year.

Earlier last month SBI also made history by becoming the most profitable company in the March quarter booking a whopping Rs 20,968 crore in net income, which is way higher than RIL, HDFC Bank and TCS, the otherwise most profitable entities.

The other six are Reliance Industries (Rs 20.44 trillion), Tata Consultancy Services (Rs 13.41 trillion) HDFC Bank (`11.95 trillion), ICICI Bank (Rs 8.15 trillion) and Bharti Airtel (Rs 8.05 trillion), are the other with over Rs 8 trillion m-cap. Infosys was also in Rs 8 trillion clud in the past but has since lost a lot of its value is only worth Rs 5.83 trillion now.

Among the public sector block, LIC is the second biggest by far away from SBI with Rs 6.75 trillion m-cap, followed by NTPC at Rs 380,062.16, ONGC at Rs 3.57 trillion, and Powergrid at Rs 3.14 trillion.

Banking stocks were on a roll on Monday as exit polls predicted sweeping win for the BJP, with other stocks like BoB, IDBI Bank ICICI, HDFC Indusind etc gaining handsomely. After the stellar March quarter earnings, most brokerages have a buy call on SBI with over 30 percent upside in the medium term.

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