Bank of Baroda (BoB) became the second public sector undertaking (PSU) bank after the State Bank of India (SBI) hit the Rs 1 Lakh Crore market cap milestone. 

On Monday, shares of the second largest PSU bank closed at Rs 194.15, 3.22% higher than the previous close on the National Stock Exchange (NSE). The stock touched an intraday high of Rs 194.90. 

Due to the strong gains in the sector, Nifty PSU Bank Index has risen more than 75% in the last year. Nifty Private Bank index, on the other hand, grew close to 35% during the same period. 

India’s largest bank State Bank of India (SBI), was the first ever PSU bank to achieve the feat. The market cap of SBI currently stands at around Rs 5,07,588 crore. SBI saw its close at Rs 569.20, 0.36% lower than the previous close. 

BoB reported a massive 168% year-on-year (YoY) growth in its standalone net profit in the fourth quarter of FY23 to Rs 4,775 crore. The bank’s net interest income (NII) for the same quarter reached Rs 11.525 crore, a YoY growth of 34%.