SBI m-cap crosses Rs 8 lakh crore mark as stock jumps 10%, hits 52-week high
market capitalisation of India's largest public lender State Bank of India (SBI) on Monday crossed Rs 8 lakh crore as the stock hit a fresh 52-week high of Rs 911 on the NSE, gaining nearly 10% in the intraday trade.
The rally in SBI was on the back of exit poll predictions which have indicated a thumping majority for the Narendra Modi government.
According to the average of 12 exit polls, NDA is seen winning 367 seats this time, improving its 353 count in the 2019 elections. Even the lowest forecast is that of 316 seats. While the NDA may fall short of its ambitious 'Abki Baar 400 Paar' target, traders see Nifty going beyond 24,000 this week.
Last week, CLSA identified SBI, Canara Bank, and Bank of Baroda in its list of 54 Modi stocks.
«Modi stocks» are those of companies or sectors that have benefited directly from government policies and initiatives under Prime Minister Narendra Modi, making them attractive to investors looking to capitalize on government-driven growth.
Not just the SBI, all 12 PSU bank stocks were trading with strong gains with Bank of Baroda (BoB) emerging as the the top gainer with a 13% uptick. It was followed by the Central Bank of India with 11% upside.
At 1:10 pm, Nifty PSU Bank index was hovering around 8,020.80, up by 634.80 points or 8.59%.
SBI had reported a standalone net profit of Rs 20,698 crore for the quarter ended March 31, 2024, up 24% year-on-year (YoY) compared to Rs 16,694 crore reported by the lender in the year-ago period. The profit was higher than the Street
