SBI reclaims spot in top 10 league
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State Bank of India (SBI) has climbed four positions to seventh place in the league table of the companies with highest market capitalisation.
It was not part of the 10 most-valued companies list at the start of the year. Bad loans' concerns and deteriorating sentiment towards public sector bank (PSB) stocks had pushed SBI out of the list.
A sharp 16 per cent rally in its share price this year, despite weakness in the broader market, has since seen SBI leapfrog ahead of HDFC, Coal India, Hindustan Unilever and Sun Pharmaceutical, show data compiled from Bloomberg.
The lender has added Rs 28,000 crore in value since the beginning of the year, surpassing the Rs 2 lakh crore-mcap mark. In fact, SBI has been one of the best performers in banking stocks among Sensex constituents, which also has HDFC Bank, ICICI Bank and Axis Bank.
Shares of some of the private sector banks have weakened after the recent demonetisation move. Analysts say SBI could be best-placed to take advantage of the government move, given the state-owned lender's wide reach. The demonetisation drive will help SBI in mobilising more deposits, helping it lower the cost of capital.
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Shares of GMR Airports Infrastructure shot up 8.2 per cent at Rs 92.34 a piece on Friday’s intraday trade. A combined 3.07 million shares of the company changed hands on the BSE. In comparison the S&B BSE Sensex fell by 0.31 per cent 74,109 levels.
The stock of GMR Airports reached a 52-week high of Rs 94.30 on February 20, 2024, while it hit a 52-week low at Rs 40 on May 29, 2023.
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The Supreme Court on Friday told the Delhi government that it would consider listing its plea challenging the central government's law establishing pre-eminence of the lieutenant governor over the elected dispensation in controlling services in the national capital.
A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra was urged by senior advocate Abhishek Singhvi, appearing for the AAP government, that the whole administration has come to a standstill and the matter needed to be heard.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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