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State Bank of India Races Ahead of TCS, Climbs to 4th Spot in Market Rankings
State Bank of India: SBI has surpassed Tata Group's giant Tata Consultancy Services (TCS) in terms of market capitalization. The company, which operates the country's largest public sector bank, has now become the country's fourth-largest company. Learn how quarterly results and a surge in its shares changed its market ranking.
The Indian stock market witnessed a major reversal on Wednesday. The country’s biggest public sector bank, State Bank of India, has managed to go past the IT major Tata Consultancy Services (TCS) in terms of market capitalization. The rise in the share price of the country’s biggest public sector bank due to its impressive quarterly results has enabled it to become the country’s fourth most valuable listed company after Reliance, HDFC Bank, and Bharti Airtel.
The data released at the end of the trading session on Wednesday caught the attention of market analysts. The shares of the company appreciated by 3.40 percent to close the session at ₹1,183 per share on the BSE. The shares appreciated by 3.23 percent to close the session at ₹1,181.10 on the NSE. The shares of the company saw tremendous enthusiasm on the trading day as the shares gained close to 4 percent and hit a new 52-week high of ₹1,187.70.
This surge had a direct impact on the company's overall valuation. SBI's market cap ended the session at ₹10,91,982.06 crore. In contrast, TCS shares fell 2.5 percent, reducing its market cap to ₹10,52,646.38 crore. Thus, the state-owned bank pushed back the valuation of the IT giant.
This latest reshuffle has changed the landscape of the top companies in the Indian stock market. Reliance Industries remains the country's most valuable company by market cap. Following this, HDFC Bank is at second place and Bharti Airtel at third. SBI is now at fourth place, while TCS has slipped to fifth place. The list is followed by companies like ICICI Bank, Bajaj Finance, Infosys, Hindustan Unilever, and Larsen & Toubro.
