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State run lenders gatecrash elite banks club
November 25, 2022
A rally in public-sector bank stocks has led five of them to the top 10 most-valued Indian lenders this year, compared to three in 2021.
SBI is India’s third most-valued lender with a market capitalisation of ₹5.44 lakh crore, BoB ranks seventh with ₹88,120 crore, Canara Bank (₹59,557 crore) ranks eighth, PNB (₹55,935 crore) ranks ninth and Union Bank of India (₹53,721 crore) ranks 10th.
At the end of 2021, SBI, BoB and PNB were in the top 10.
HDFC Bank remains India’s most valued bank with a m-cap of ₹9.06 lakh crore, followed by ICICI Bank (₹6.54 lakh crore).
The Nifty PSU Bank index has outperformed the Nifty Bank index by a wide margin so far this year. The Nifty PSU Bank jumped 60 percent while the Nifty Bank index advanced 21 percent.
All PSU banks are trading at 52-week highs, while SBI hit a record high on November 7. Bank of India was the top mover year to date, with gains of over 106 percent, followed by Indian Bank, which rose 98 percent.
Union Bank of India and Canara Bank gained 75 percent and 65 percent, respectively. Bank of India, Uco Bank and Bank of Maharashtra each climbed about 50 percent.
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