SBI Surpasses TCS, Becomes India’s 4th Largest Company by Market Cap

In terms of market capitalization, SBI (State Bank of India) became the 4th largest company in India, surpassing TCS (Tata Consultancy Services) as per the reports. With a market cap of Rs. 10.94 lakh crore, SBI’s value increased by more than Rs. 38,000 crore.

With a market worth of Rs. 10.9 lakh crore, the State Bank of India has surpassed Tata Consultancy Services to become the fourth largest company in India. After reporting solid Q3 results, SBI’s share price soared, while TCS’s valuation fell, according to the media reports.

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With a turnover of Rs. 2,500 crore, the total traded volume was close to twice the 30 day average. The stock is in overbought territory, as shown by the relative strength index (RSI) of 76. As the research highlights, the stock has increased by 11% this week and is almost about to surpass the average of analysts’ 12 month target price of Rs. 1,210.

Shares of SBI increased by 3.4% to Rs. 1,183 on Wednesday, February 11, while TCS finished the day down 2.5% at Rs. 2,909.40, as per the reports.

The shares of the State Bank of India have been gaining ground due to a strong December quarter result. Brokerages gave the earnings overwhelmingly positive feedback, with rising margins, steady asset quality and robust loan growth, as stated by the reports.