SBI market capitalisation hits Rs 5 lakh crore

Published On: Wednesday, September 14, 2022 | By:

SBI market capitalisation hits Rs 5 lakh crore

Shares of State Bank of India on Wednesday became the third lender after HDFC Bank and ICICI Bank. and the seventh Indian company to cross the Rs 5-trillion market cap for the first time after its shares rallied over 22 percent and touched a record high of Rs 564.45 so far this year. Market watchers believe that SBI should deliver healthy core-PPOP (Pre-Provision Operating Profit) growth in FY23E and FY24E led by a gradual improvement in net interest margins, lower credit costs, and strong loan growth over FY22-24E. According to stock market experts, SBI shares are in an ‘uptrend’ and the stock has a strong support base at ₹530 per share levels. They said that those who have this PSU bank stock in their portfolio should continue to hold the stock for an immediate target of ₹600 apiece levels.

"We are very bullish on the stock in view of attractive valuation, strong distribution network to unleash huge Indian potential, adequate capital, improved asset quality, increased digitalization spends, normalizing macro conditions after easing Lockdown restrictions, and robust performance from subsidiaries," the brokerage firm said in its Q1 result update.

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