SBI Shares Soar To All Time High As It Becomes India's Third Bank To Surpass Rs 5 Trillion Market Cap

India's largest public sector lender, State Bank of India hit the Rs 5 trillion market cap yesterday for the first time after its shares ended at a record high of Rs 571.60 on the Bombay Stock Exchange.

On Wednesday, i.e. yesterday, at 10:30 am with the Rs 5.03 trillion mark,?SBI stood at the seventh position in the overall market cap ranking of companies, according to the data from BSE. And as of today as well, its market capitalization stands at Rs 510130.81 crore (at the time of writing this report).

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With this, SBI becomes the third bank in the country to cross the massive mark of Rs 5 trillion market cap. HDFC Bank holds first rank amongst banks in this list of Top 100 Companies by Market Capitalization, with a market cap of Rs 850969.30 crore, followed by ICICI Bank which has a market cap of Rs 639466.82 crore, the present data as per BSE shows. Reliance Industries tops the list with Rs 1750738.74 crore market cap. It is followed by second-placed TCS, with Rs 1141935.05 crore market capitalization.

For the uninitiated, market capitalization, also referred to as market cap, is the aggregate valuation of a company based on its current share price and the total number of outstanding stocks.

In July 2022, SBI had hit another milestone by surpassing insurance giant LIC to become the most valuable public sector stock. Life Insurance Corporation of India's (LIC) market capitalization at that time stood at Rs 4,36,519.72 crore, whereas SBI’s market capitalization stood at Rs 4,56,984.74 crore.

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Also Read:?Former SBI Chairperson Arundhati Bhattacharya Says India’s IT Sector Battling A Hiring ‘Crisis’

Outperforming The Market & Peers

As per an?ET report, in the past three months, SBI has outperformed the market surging 26%, as against 13.9%? rise in the S&P BSE Sensex. On the other hand, ICICI Bank has rallied 32% while HDFC Bank gained 15% during the same period.

SBI is the largest bank in India with a balance sheet size of over Rs 54 trillion crore (as of March 2022). It has a healthy retail portfolio and the best operating metrics among PSU banks. Its strong subsidiaries add value to the bank, a Business Standard report mentioned.

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