SBI lends helping hand for a just cause
State Bank of India MD Rana Ashutosh Kumar Singh, CGM, Kolkata circle Satyendra Kumar Singh, network GMs Sanatan Mishra and Nand Kishor Singh and GM
A collective surge in market valuation among six of the top -10 most valued companies was recorded last week amounting to a notable increase of Rs 1,30,734.57 crore.
Reliance Industries remained the most valued firm from the top-10 pack, followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, LIC, Infosys, ITC and Hindustan Unilever.
SBI and ICICI Bank emerged as the principal beneficiaries, aligning with an overall optimistic trend in the equity market. The valuation of SBI rallied Rs 45,158.54 crore to Rs 7,15,218.40 crore. ICICI Bank’s market valuation rose Rs 28,726.33 crore to Rs 7,77,750.22 crore.
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Bharti Airtel added Rs 20,747.99 crore to Rs 7,51,406.35 crore, and that of ITC jumped Rs 18,914.35 crore to Rs 5,49,265.32 crore.
The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) advanced by Rs 9,487.5 crore to Rs 6,24,941.40 crore, and that of Infosys went up by Rs 7,699.86 crore to Rs 5,93,636.31 crore.
Last week, the mcap of Reliance Industries declined by Rs 26,115.56 crore to Rs 19,64,079.96 crore. The valuation of HDFC Bank dipped by Rs 16,371.34 crore to Rs 11,46,943.59 crore.
Further, the mcap of Tata Consultancy Services went lower by Rs 5,282.41 crore to Rs 13,79,522.50 crore, and that of Hindustan Unilever Limited diminished by Rs 2,525.81 crore to Rs 5,21,961.70 crore.
In a separate development, the data with the depositories showed that the foreign investors pulled out domestic equities worth Rs 6,300 crore in April on concerns over tweaks in India’s tax treaty with Mauritius and sustained rise in US bond yields.
This came following a whopping net investment of Rs 35,098 crore in March and Rs 1,539 crore in February.
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