SBI overtakes Infosys and HDFC in terms of market value
DSIJ Intelligence / 11 Nov 2016
SBI sizzled on bourses on Thursday and shares of the largest bank in India closed 8.4 per cent higher from Wednesday's close. The bank’s market capitalisation rose to Rs 2.19 trillion post the rally.
SBI sizzled on bourses on Thursday and shares of the largest bank in India closed 8.4 per cent higher from Wednesday's close. The bank’s market capitalisation rose to Rs 2.19 trillion post the rally.
It was also the best gain SBI recorded in almost 8 months in a single trading session. The stock reached its 15-month high on Thursday, closing at Rs 281.60 .
As a result, the largest bank in India is now the sixth most valuable company in India, overtaking Infosys and HDFC. Infosys market cap stood at Rs 2.16 trillion on the close of Thursday while HDFC's market cap stood at Rs 2.09 trillion.
The bank is all set to declare its Q2 results on Friday and is expected to post healthy numbers.
The demonetisation of Rs 500 and Rs 1000 notes will only act as a boon for the bank and the while banking system is expected to benefit from the government’s decision as there will be lot of liquidity in the banking system owing to the decision.
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