SBI broke two records, spectacular rise in shares and market cap also crossed 6 lakh crores; Now only one company is ahead in PSU

On Wednesday, SBI shares hit 677.50 on the BSE and 677.95 on the NSE, breaking a 52-week high. Due to the strong growth in the shares, the market valuation of the public sector company i.e. SBI has also increased. SBI's MCap crossed the Rs 6 lakh crore mark on BSE today and reached Rs 6,02,857.54 crore.

LIC leads among PSU firms

Let us tell you that in the last two trading days, on the back of strong growth outlook in the medium term, the shares of SBI recorded a rise of around 4 percent. Although the market cap (mcap) of public sector insurance company LIC is still the highest.

Interestingly, LIC shares also opened trading at 1,050.50 level during intra-day trade today, breaking the 52-week record. Let us tell you that LIC's MCap on BSE today was recorded at Rs 6,60,962.26 crore.

What is the reason for SBI's business growth?

According to analysts, among PSU banks, SBI has a healthy provision coverage ratio (PCR), adequate capital as well as good asset quality outlook, the impact of which is also visible on the Indian economy.

Analysts believe that SBI is expected to grow its business with stable margins and asset quality. Due to which the bank will also help in earning profit.

How were the bank's results in FY24Q3?

In the December quarter of FY24 ie FY24Q3, the bank's net profit fell 35 percent year-on-year (YoY) to Rs 9,164 crore. Whereas, in the same quarter last year (FY23Q3), the bank's net profit was Rs 14,205 crore.

Similarly, SBI's net interest income rose to Rs 1,06,734 crore in the December quarter of the current financial year, as against Rs 86,616 crore in the same quarter last financial year.

NPAs have come down The bank's gross non-performing assets (GNPA) fell to 2.42 percent at the end of December 2023 from 3.14 percent a year ago. Similarly, net NPAs declined to 0.64 per cent at the end of the third quarter from 0.77 per cent last year.

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