SBI stock price today: The State Bank of India (SBI), the country’s largest public lender, witnessed a significant surge in its market capitalization on Monday, surpassing the Rs 8 lakh crore mark. The stock reached a new 52-week high of Rs 911 on the NSE, registering an impressive 10% gain in intraday trade.
This rally in SBI’s stock price was primarily driven by the exit poll predictions, which indicate a strong majority for the Narendra Modi government in the upcoming elections, according to an ET report.
According to the average of 12 exit polls, the NDA is projected to win 367 seats this time, an increase from the 353 seats it secured in the 2019 elections. The lowest forecast among these polls still predicts 316 seats for the NDA, the ET report said.
Traders anticipate the Nifty index to surpass the 24,000 mark this week, despite the NDA potentially falling short of its ambitious ‘Abki Baar 400 Paar’ target.
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Stock Market Live Updates: BSE Sensex, Nifty50 scale record highsLast week, CLSA, a prominent brokerage firm, included SBI, Canara Bank, and Bank of Baroda in its list of 54 “Modi stocks” – companies or sectors that have directly benefited from government policies and initiatives under Prime Minister Narendra Modi, making them attractive investment options for investors seeking to capitalize on government-driven growth.
The bullish sentiment extended beyond SBI, with all 12 PSU bank stocks trading with strong gains. Bank of Baroda (BoB) emerged as the top gainer, registering a 13% uptick, followed by the Central Bank of India with an 11% upside. As of 1:10 pm, the Nifty PSU Bank index was hovering around 8,020.80, up by 634.80 points or 8.59%.
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Adani group stocks surf on Modi wave! Rs 1.4 lakh crore market cap added as exit polls predict NDA winSBI reported impressive financial results for the quarter ended March 31, 2024, with a standalone net profit of Rs 20,698 crore, representing a 24% year-on-year (YoY) increase compared to Rs 16,694 crore reported in the year-ago period.
The profit surpassed the Street estimate of Rs 16,695 crore. Net interest income (NII) for the quarter stood at Rs 41,655 crore, up 3% YoY from Rs 40,393 crore, while the operating profit for Q4FY24 reached Rs 28,748 crore, marking a 17% increase.
The bank’s gross advances witnessed a 15% YoY growth and a 5% QoQ growth, reaching Rs 37,67,535 crore. The domestic retail personal loan segment accounted for Rs 13,52,265 crore, up by 15% YoY, with home loan disbursements at Rs 7,25,818 crore, jumping by 13% YoY.
Deposits during Q4 stood at Rs 49,16,077 crore, reflecting an 11% YoY and 3% QoQ increase. Domestic CASA stood at Rs 19,41,996 crore, while domestic term deposits were at 27,82,340 crore.