SBI becomes 7th listed company to surpass Rs 8 lakh crore market capitalisation

Amid a massive market rally, state run lender State Bank of India has become the seventh listed company in India to surpass Rs 8 lakh crore market capitalisation. On Monday, SBI shares rose as much as 8.3% in the morning trade hitting a fresh record high of Rs 900 on the BSE.

So far this year, SBI's share prices have soared over 40%.

The Rs 8 lakh crore club

This Rs 8 lakh crore m-cap milestone was achieved by Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, Infosys, and ICICI Bank earlier. PSU stocks have surged after the exit polls results.

Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with BJP-led NDA winning anywhere between 350-401 seats.

Moneycontrol quoted market experts and said that stocks that are riding the wave of government's growth plans, like those in capital expenditure or public sector units, have surged over the past year and are expected to continue rising.

Also watch: Adani Group stocks extend gains for second consecutive session; m-cap rises to Rs 2.6 lakh crore