Kotak Mahindra Bank Overtakes ICICI Bank In Market Value After Q2 Results

Kotak Mahindra Bank Ltd has overtaken ICICI Bank Ltd in market value after the former reported strong performance in the September-ended quarter.

As per BSE's data on the top 100 companies by market capitalisation as per closing prices of 26 October, the market cap of Kotak Mahindra Bank stood at Rs 2,80,232.77 crore and that of ICICI Bank was Rs 2,79,286.59 crore.

It is now the seventh-largest listed company in India, as on 26 October. The top 6 six companies in market cap include Reliance Industries Limited, Tata Consultancy Services, HDFC Bank, HUL, Infosys and Housing Development Finance Corporation.

ICICI Bank is the eighth largest Indian company based on 26 October's closing price of Rs 404.95 on BSE. The private lender's shares were trading lower by over 2 percent on Tuesday.

On the other hand, shares of Kotak Mahindra Bank closed at Rs 1,415.75 on Monday and surged over 10 percent on Tuesday, taking its market cap above Rs 3 lakh crore.

On Monday, Kotak Mahindra Bank reported 26.27 percent jump in standalone net profit at Rs 2,184.48 crore for the September quarter from Rs 1,724.48 crore a year ago.

Its net interest income (NII), which is the difference between the interest earned by a bank and the interest it pays, rose 16.8 percent to Rs 3,913 crore from Rs 3,350 crore in the same period last year.