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HDFC Bank Becomes Third Indian Firm To Cross $100 Billion In Market Cap
On Thursday, HDFC Bank shares hit its new all-time high of Rs 1,305.50 to become the third Indian firm to cross the milestone of $100 billion in market capitalisation. The other two companies with over $100 billion valuations are Reliance Industries Limited ($140.74 billion in market cap) and Tata Consultancy Services ($114.60 billion).
According to Bloomberg Data, based on live market capitalisation valuation, HDFC Bank is now the 110th most valued company in the world and the 26th most valued bank/financial company.
The surge in the private bank's share price comes after most analysts remain bullish on the stock considering the lender's strong focus on productivity and digitization along with cost rationalisation that could result in better profitability and credit growth going forward.
HDFC Bank's shares were split in 1:1 ratio on 19 September 2019 making it affordable to retail investors.
The private lender has remained the most valued bank in the country in terms of market cap. Having capital well above regulatory requirements and a retail banking focus has helped it continue widened its network across the country and penetrate into semi-urban and rural areas to increase profitability.
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