State Bank of India, the largest PSB in India and a public sector lender, has joined the exclusive group of businesses with a market capitalization of Rs 5 trillion or more. The SBI has now exceeded the Rs. 5 trillion threshold for the first time. At 12:35 PM on September 14, the SBI share price reached a record high of Rs 572.90 per share. According to the BSE data, SBI had a market cap of Rs. 5.05 trillion, placing it seventh overall in terms of market capitalization.
Read More: Air India-Vistara Merger on Cards, Discussions on to Bring Airlines Together: Vistara CEO
The SBI stock was up by 2.67 percent to Rs 572.90 at 12. pm on September 14. It closed at Rs 558 per share on September 13.
The SBI is the only third bank, along with ICICI Bank and HDFC Bank, to have a market cap of more than Rs 5 trillion. The price of SBI shares has increased by over 7% in the past month and by about 26% over the past three months. However, ICICI Bank outperformed it by increasing by more than 32% over the past three months, while HDFC Bank saw growth of about 15%.
SBI has a balance sheet of more than Rs 54 lakh crore, making it the largest bank in the nation as of March 2022. A strong performance by SBI’s subsidiaries is anticipated, which has the potential to benefit the bank, according to ICICI Securities.
Read More: Work from Home in Special Economic Zones to be Allowed for All Employees; Know Why
In an investment advisory recently JM Financial said that SBI is one of the best-placed participants in the banking sector with the increasing signs of momentum continuing in corporate demand and a potential capex upturn in FY24.
