State Bank of India (SBI) Hits Rs 5 trillion Market Capitalization, becoming part of the elite financial business sectors like ICICI bank and HDFC Bank. The shares of the bank hit the high record at Rs 574.65 per share on BSE and Rs 574.7 per share on NSE. While the current market valuations of ICICI Bank and HDFC Bank are Rs 6.33 trillion and Rs 8.38 trillion, respectively.
SBI reported 945.24 billion INR in total income for the last recent quarter, a 12.53% decrease from the same period last year. The net income for the first quarter of 2022 is Rs 73.25 Billion INR
State Bank of India (SBI) is an Indian multinational public Sector bank which comes under PSU (Public Sector Undertakings). Previously known as Imperial Bank of India, it was a merger of three banks, Bank of Madras, Bank of Calcutta and Bank of Bombay. SBI was thus established in the year 1955. At present, SBI has five associate banks (merged in April 2017), and four non-banking subsidiaries. State Bank of India has 191 overseas banks across 36 countries, making it the largest presence in the foreign financial market among other Indian Banks.
State Bank of India has now taken the seventh rank in the overall market capitalization ranking of all the companies. The experts are positive about the SBI stock and predicted that the shares may remain on an uptrend up to Rs 580 to Rs 600 per share.
A domestic brokerage firm, JM Financial, in their statement, said that SBI is one of the best-positioned players in the market, and there are growing indications that corporate demand will continue to grow and that Capex may increase in the financial year 2024. According to Ravi Singhal of GCL Securities, SBI shares can be added to one’s stock portfolio for the short- to medium-term as the stock may rise to levels of Rs 644 per share by the end of this financial year in March 2024.
Following Covid, the infrastructure industry is anticipated to drive the Indian economy, and as a result, the market is anticipating enormous corporate demand. SBI has had a favourable stock market trend because it is India’s top corporate funding bank. According to the analyst at ICICI Securities, high performance by SBI’s subsidiaries is predicted, which might be advantageous to the bank. In March 2022, SBI submitted a balance sheet size of more than Rs 54 trillion, making it the largest bank in the country.
The other six companies who are ahead of the SBI shares in the Market Cap are:
|
Ranking |
Companies |
Market Cap Value (Rs.) |
Last Price (Rs.) |
% Chg |
|
1 |
Reliance Industries |
Rs 17.50 trillion |
2587.80 |
-1.23 |
|
2 |
Tata Consultancy Services |
Rs 11.41 trillion |
3190.85 |
-3.36 |
|
3 |
HDFC Bank |
Rs 8.50 trillion |
1528.90 |
1.17 |
|
4 |
ICICI Bank |
Rs 6.39 trillion |
918.20 |
0.98 |
|
5 |
Infosys ltd |
Rs 6.2 trillion |
1475.00 |
-4.53 |
|
6 |
Hindustan Unilever |
Rs 6.04 trillion |
2570.05 |
-0.68 |
The SBI stock hit a record high of Rs 564.85 on the BSE, up 1.3 percent on opening today. The market closed at Rs 571.75 (With Rs 13.75 gain), up 2.46 percent today. Meanwhile, the Nifty was down by 32.90 points (0.18 percent) at Rs 18,037.15, and the Sensex was down by 126.21 points (0.21 percent) at Rs 60,444.87.
SBI has come into an agreement with, WAAREE, India’s largest Solar panel producer. The plan is for unsecured solar project financing under Surya Shakti Solar Finance Scheme and operating cash for channel partners under EDFS (Electronic dealer finance scheme).
Through the Surya Shakti Solar Finance Scheme, WAAREE plans to leverage a credit line of more than Rs 500 million and offer loan borrowers a digital platform for a simple application process.
