The State Bank of India (SBI)'s market capitalisation exceeded ₹8 lakh crore on Monday, marking a major milestone for the country's largest bank. This milestone was achieved as SBI's shares hit a record high of ₹907, increasing by over 9 per cent during a rally in the stock market. SBI is now the third-largest bank in India by market cap, not far behind ICICI Bank in the second spot. The bank's shares have seen a remarkable increase of over 50 per cent in just six months.
SBI's Market Capitalisation Surpasses ₹8 Lakh Crore
The State Bank of India (SBI), the country's largest bank by assets, achieved a significant milestone on Monday when its market capitalisation crossed the ₹8 lakh crore mark. This milestone was driven by a record high stock price of ₹907, representing a surge of over 9% during the market rally.
Background:
SBI has been a dominant player in India's banking sector for over 200 years, serving over 400 million customers through a vast network of over 22,000 branches and 62,000 ATMs. The bank offers a comprehensive range of financial products and services, including retail banking, corporate banking, investment banking, and wealth management.
Recent Growth:
In recent years, SBI has undertaken several initiatives to strengthen its financial position and enhance customer experience. This includes:
Market Performance:
The market has responded positively to SBI's efforts, as evidenced by the significant increase in its share price. The bank's stock has consistently outperformed the BSE Sensex and NSE Nifty indices over the past year. SBI's market capitalisation currently stands at approximately ₹8.2 lakh crore, making it the third-largest bank in India by market cap.
FAQs:
Q1: What factors contributed to SBI's market capitalisation growth? A: Strong financial performance, digital transformation, acquisitions, and improved asset quality.
Q2: How does SBI's market cap compare to other banks? A: SBI is currently the third-largest bank in India by market cap, slightly behind ICICI Bank.
Q3: What is SBI's strategy for the future? A: SBI plans to continue its digital transformation, expand its international presence, and focus on sustainable growth.
Q4: What are the potential risks to SBI's growth? A: Economic slowdown, interest rate fluctuations, and competition from new entrants.
Q5: What is the outlook for SBI's stock price? A: Analysts remain cautiously optimistic about SBI's stock price, citing its strong fundamentals and growth potential. However, market conditions and economic factors can influence the stock's performance in the short term.
The highly volatile Mad cryptocurrency has seen a massive surge of 67% in the last 24 hours, trading at $0.00006226 as of 02:49 a.m. EST. This sudden spike in price, along with a heavy overbought RSI level of 86, signals a potential correction or pullback in the near future. However, the Mad price has managed to break above both the 50-day and 200-day SMAs, indicating a strong and sustained bullish trend. The ADX value above 60 also confirms the strength of this rally. Stay updated on this exciting development by joining our Telegram channel.
In a note released on Friday, JPMorgan addressed concerns over potential credit risk for Indian banks heavily exposed to the Adani Group, following the recent indictment of its billionaire founder, Gautam Adani, in the US. While the charges have sparked a drop in shares of state-owned banks, JPMorgan analysts have deemed the banks' exposure "manageable," with their assessment showing a low risk of default from the Adani Group. However, global and local banks are expected to take a cautious approach in providing any new funding to the conglomerate, with potential for higher interest rates due to heightened risks.
In a state of the nation address, Kenya's President announced the cancellation of major deals with Indian tycoon Gautam Adani, including an airport expansion project and power transmission lines. This decision was made in light of U.S. bribery and fraud indictments against Adani, who has been charged with securities fraud and conspiracy. The controversial deals had faced backlash from Kenyan protesters and airport workers concerned about potential job losses. Despite claims from Kenya's Energy Minister that no corruption was involved on their part, the country has now severed ties with Adani's conglomerate.
X's new terms of service, which allow the company to use user data and hold users accountable for overusing the platform, are prompting long-time users, including celebrities like Gabrielle Union, to leave the popular microblogging platform. In response, many users are turning to Bluesky, a microblogging startup, with its U.S. mobile app downloads increasing by an estimated 651% since the start of November. Despite X and Meta's larger user bases, Bluesky's growth suggests many users are looking for alternatives to X's new terms.
Zomato’s new “Food Rescue” feature caught the attention of Bengaluru resident Bhanu who offered practical and thoughtful suggestions to CEO Deepinder Goyal. Impressed by his insights, Goyal extended an unexpected job offer to Bhanu, a product manager working for a startup. This positive exchange highlights the importance of hiring talented individuals who offer practical solutions to enhance a company’s operations. Zomato, known for handling over 4,00,000 cancelled orders per month, aims to prevent food wastage with their new feature, which offers discounted meals to customers within a 3km radius of a delivery partner with a cancelled order.
Zerodha co-founder and CEO Nithin Kamath shared a humorous mock obituary for Bank Nifty Weekly contracts on social media. The post, created by one of his old trader friends, announced the "passing" of Bank Nifty Weekly and mentioned its struggles with regulation. The post has since gone viral, with many traders reminiscing about their experiences with this contract.
The Zee Business research team has compiled a list of 20 stocks for investors and traders to track on November 22, 2024. Analysts Kushal Gupta and Ashish Chaturvedi have highlighted their top picks, including buying Orchid Pharma and SJVN shares for immediate profits, and investing in MRF, Radico Khaitan and Afcons Infrastructure for long-term gains. Technical and fundamental picks are also included, making this Traders' Diary a must-read for all stock market enthusiasts.
Billionaire Elon Musk has confirmed that X, formerly known as Twitter, has become the number-one news app on Apple's AppStore in India. Musk acquired X for a whopping $44 billion in October 2022. This news comes after user 'DogeDesigner' shared a post about X's success on the AppStore. Stay updated on the latest Business news, stock market updates, and financial tips through Zee Business's Twitter, Facebook, and YouTube channels.
As India's Test coach, Gautam Gambhir faces a crucial test in the upcoming Border-Gavaskar Trophy series against Australia, as his position could be at risk if the team fails to perform well. There have been reports that the BCCI is considering making a change in the coaching position if India disappoints once again. Gambhir has recently faced criticism for Team India's poor performance in Tests against New Zealand and there have been discussions about potential replacements, including VVS Laxman. These issues were discussed in a 6-hour long meeting between Gambhir, Ajit Agarkar, and Rohit Sharma. However, the presence of disagreements between Gambhir and the team's think-tank raises concerns ahead of the crucial Test series.
With IBDF's current president, K Madhawan, departing after the merger of Disney Star and Viacom18, all eyes are on who will take his place. Industry experts are predicting JioStar, the powerhouse created by the merger of Disney Star and Reliance's media businesses, to be the obvious choice for leading the industry body. JioStar currently holds a dominant position in the industry and its representative taking over as IBDF president would not be a surprise.