SBI regains top spot in terms of market cap

Written by Jash Kriplani | Mumbai | Updated: May 24 2014, 09:47am hrs
After trailing HDFC Bank for more than a year, the State Bank of India (SBI) on Friday overtook the private sector lender to regain the top spot in terms of m-cap.

At the end of Fridays trading session, the total market capitalisation of the largest lender in terms of loan book stood at R2.05 lakh crore against HDFC Banks R1.89 lakh crore.

On Friday, the HDFC Bank scrip slipped 1.63% to R789.50 on the BSE following reports that government will turn down its proposal to raise the cap on foreign institutional investment to 67.55%.

In May, the HDFC Bank scrip has gained 9.92%, underperforming the BSE Bankex, which has gained 19.15%. Meanwhile, the SBI scrip has outperformed the index with gains of 32.53% in the month.

On Friday, the SBI scrip surged nearly 10% to a three-year high of R2,755.25 after the bank posted better-than-expected results.

The bank saw a 7.8% y-o-y decline in its net profit to R3,041 crore, but beat Bloomberg consensus estimates of R2,807 crore.

Axis Capital raised the target price on the SBI scrip to R2,929 from R1,992 and upgraded the stock to buy from hold after the results.