SBI, the country’s largest public sector bank, has seen its market capitalization cross the Rs 5 lakh crore mark for the first time today (Sep 14), after rising over the past three months. SBI is the third bank in the country to achieve this position.
Shares of SBI rose more than 2 percent to cross Rs 570 today, taking the public sector bank’s market capitalization to over Rs 5 lakh crore from Rs 4.95 lakh crore. With this, SBI has come to the 7th position in the list of India’s largest companies. Ambani’s Reliance with a market capitalization of Rs 17 lakh crore is in first place. It is followed by TCS, HDFC Bank, Infosys, ICICI Bank and Hindustan Unilever.
Compared to banks, SBI ranks third with a market capitalization of Rs 5 lakh crore. HDFC, India’s largest private bank, holds the top spot with a market capitalization of Rs 8.4 lakh crore. ICICI Bank is second with a market capitalization of Rs 6.3 lakh crore.
Foreign and local investments in banking stocks have been pouring in for the past 3 months. Due to this, SBI Bank rose by 26 percent. ICICI shares rose 32 percent. HDFC Bank rose 15 percent. SBI has the healthiest retail portfolio and best performance metrics among public sector banks. Its strong subsidiaries add value to the bank.
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