SBI crosses Rs one trillion m-cap

CA Nikita (Chartered Accountant) (4158 Points)

28 September 2007  
State Bank of India, the country's biggest lender on Friday became the first public sector bank to touch a market capitalisation of Rs 1,00,000 crore.

"We have crossed this milestone for the first time in about 200 years, while doubling the market cap in my tenure (of about 18 months)," SBI Chairman O P Bhat told reporters here.

The company's shares today surged to an intra-day high of Rs 1,952 in early afternoon trade, giving it a market cap of about Rs 1,02,700 crore. The shares were trading 2.62 per cent up at Rs 1,935.50 on Bombay Stock Exchange later in the day.

"One lakh crore has happened and hopefully, two lakh crore would also happen soon," he said.

Currently, there are ten companies on the Indian bourses with a market cap of more than Rs 100,000 crore, including SBI, which today became the tenth most valued firm.

Earlier yesterday, state-run power equipment maker BHEL had also crossed this milestone in intra-day trade, but later slipped below this level.