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State Bank of India becomes 7th Indian listed company with market cap of Rs 8 lakh cr
Photo Courtesy: Biswarup Ganguly via wikipedia.org

State Bank of India becomes 7th Indian listed company with market cap of Rs 8 lakh cr

| @indiablooms | 03 Jun 2024, 04:04 pm

Mumbai: State-run lender State Bank of India has become the seventh Indian listed company to surpass a market capitalization of Rs 8 lakh crore.

On Monday SBI shares reached a new record high of Rs 900.15 on the BSE, climbing as much as 8.3 percent in morning trade, marking its best day since September 2021.

The share price has surged over 40 percent this year.

Other companies that have previously achieved this milestone include Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank.

SBI shares are rising along with other PSU stocks following exit polls on June 1 that predicted a landslide victory for the BJP-led NDA, with projections of Prime Minister Modi's government securing over 350 Lok Sabha seats, surpassing many brokerage's bullish market scenarios.

Stocks benefiting from the government's growth plans, particularly those in capital expenditure and public sector units, have surged over the past year and are expected to continue rising, according to market experts.

Analysts at Nomura predict that a sustained focus on capital expenditure and fiscal consolidation could lead domestic sectors, especially infrastructure and manufacturing, to outperform in the near future.

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