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Banks edge past IT in BSE market cap
Deepak Korgaonkar in Mumbai |
May 22, 2003 14:25 IST
Thirty-seven listed stocks, with total figures of Rs 64,666 crore (Rs 646.66 billion), pushed up the banking sector to number two, sending the infotech sector to the third position with Rs 64,335 crore (Rs 643.35 billion) on May 20, 2003. Refineries are leading with a market capitalisation of Rs 1,04,160 crore (Rs 1,041.60 billion).
The total market capitalisation of bank stocks increased 15 per cent (Rs 8,239 crore) from Rs 56,427 crore (Rs 564.27 billion) on April 21, 2003, to Rs 64,666 crore on Wednesday, and that of 147 listed infotech companies declined 2.8 per cent from Rs 66,164 crore (Rs 661.64 billion) to Rs 64,335 crore (Rs 643.35 billion).
With the rupee at a two-year high, and overseas clients pressing for lower billing rates, technology stocks have come under sustained selling pressure in the past few days. On the other hand, bank stocks have seen bottomlines going up 72 per cent in 2002-03.
Three public sector banks -- Bank of Baroda, Oriental Bank of Commerce and State Bank of India -- were the major drivers for the banking sector.
State Bank of India, the largest public sector bank in the country, made the biggest gains in market capitalisation in this one-month period. Its figures increased from Rs 15,139 crore (Rs 151.39 billion) to Rs 17,094 crore (Rs 170.94 billion).
Oriental Bank of Commerce was the second largest gainer with a 63 per cent (Rs 975 crore) rise in market capitalisation from Rs 1,558 crore (Rs 15.58 billion) to Rs 2,533 crore (Rs 25.33 billion).
Bank of Baroda gained Rs 947 crore (Rs 9.47 billion) in market capitalisation at Rs 3,595 crore (Rs 35.95 billion), Punjab National Bank Rs 918 crore (Rs 9.18 billion) at Rs 3,820 crore (Rs 38.20 billion), Canara Bank Rs 748 crore (Rs 7.48 billion) at Rs 4,326 crore (Rs 43.26 billion), Jammu & Kashmir Bank Rs 329 crore (Rs 3.29 billion) at Rs 956 crore (Rs 9.56 billion) and Bank of India Rs 239 crore (Rs 2.39 billion) at Rs 2,192 crore (Rs 21.92 billion). ICICI Bank gained Rs 420 crore (R4.2 billion) at Rs 8,540 crore (Rs 85.4 billion).
In same period, infotech firm Wipro's market capitalisation declined Rs 1,204 crore (Rs 12.04 billion) to Rs 19,946 crore (Rs 199.46 billion). Infosys Technologies lost Rs 953 crore (Rs 9.53 billion) at Rs 18,463 crore (Rs 184.63 billion) and HCL Technologies Rs 534 crore (Rs 5.34 billion) at Rs 3,714 crore (Rs 37.14 billion).
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