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HDFC Bank M-Cap Crosses Rs. 7 Trillion Mark; First Bank To Achieve This Mark
In Friday's trade as benchmark indices extend gains led by PSU banking and auto stocks, HDFC Bank created history by crossing Rs. 7 trillion mark in market capitalization. The private lender is the first to get this tag among the banking names.
In today's trade, the lender touched an intra-day high of Rs. 1283.85 on the NSE.
Other companies that have reached this height are stocks such as TCS and RIL. Currently, RIL is the most valued with a market cap of Rs. 9.32 trillion.
"Given the general economic slowdown, near term pressure is evident. However, considering the focus on balance sheet growth maintaining superior asset quality, the bank is well poised to deliver consistently with margin leadership & robust return ratios. The bank remains a portfolio stock with premium valuations," said ICICI Direct Research.
The lender has a stable bad loan ratio even as the absolute value of bad loans rose 6% to ₹12,508 crore. The current liquidity turmoil has not affected the bank's portfolio.
As per the Bloomberg data, of the 56 analysts covering the stock, 50 have a given a buy rating and just 1 has given a sell rating and 5 others give a hold call.
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