Top News

SBI enters elite club with ₹8 lakh crore market capitalization
03 Jun 2024

State Bank of India (SBI) has joined the prestigious ranks of Indian companies with a market capitalization exceeding ₹8 lakh crore.

On Monday, SBI shares hit a record high of ₹900.15 on the Bombay Stock Exchange (BSE), marking an upswing of up to 8.3% in morning trade.

This surge represents the bank's best performance since September 2021, with share prices having risen over 40% this year alone.

SBI joins Reliance, TCS, Airtel and others with new milestone
Elite group

SBI now stands alongside six other Indian companies that have previously achieved this market capitalization milestone.

The '₹8 Trillion Club' includes industry giants such as Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank.

This achievement comes amidst a general rise in Public Sector Unit (PSU) stocks following recent exit polls predicting a convincing victory for the NDA government.

Market experts predict continued surge for PSU stocks
Future forecast

Market experts predict that stocks associated with the government's growth plans will continue to rise.

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

This prediction follows exit polls projecting Prime Minister Narendra Modi's government securing over 350 Lok Sabha seats, exceeding many bullish market predictions.