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HDFC Bank Becomes Third Indian Co To Cross Rs 6 Trillion In Market Cap

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On Wednesday, for the first time ever, HDFC Bank's market capitalization crossed Rs 6 trillion (Rs 6 lakh crore) and continues to stay above the mark. The country's most valued lender becomes the third Indian company to do so after Reliance Industries Limited and Tata Consultancy Services (TCS).

 

HDFC Bank Becomes Third Indian Co To Cross Rs 6 Trillion In Market Cap

It crossed the mark after hitting a high of Rs 2,233 on BSE on Wednesday. On Thursday morning, the shares of HDFC Bank rallied further to a fresh 52-week high of Rs 2,247.50 apiece.

Its market capital as of today stands at Rs 6.04 trillion. Meanwhile, among Indian companies listed on the stock exchanges, RIL (Reliance Industries Limited) remains the most valued at Rs 8.61 trillion, followed by TCS at Rs 7.51 trillion.

In its results for the third quarter of the financial year 2018-19, the lender proved to be a steady profit grower at 20 percent, immune to the bad loans crisis that affected almost every bank last year. Investors have hence continued to show interest in a bank that has a healthy asset quality.

However, in one year's time, foreign ownership of the stock has fallen by more than 230 basis points with FPI (Foreign Portfolio Investment) down from 74 percent to 71.77 percent.

Read more about: hdfc bank
Story first published: Thursday, March 14, 2019, 10:55 [IST]
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