The market capitalization (market cap) of HDFC Bank topped the Rs 14 trillion mark for the first-time ever on Thursday.
HDFC Bank Representational image (Photo:IANS)
The market capitalization (market cap) of HDFC Bank topped the Rs 14 trillion mark for the first-time ever on Thursday.
The stock price of the largest private sector lender hit a record high on the BSE.
Shares of HDFC Bank touched a new high of Rs 1,832.75, gaining 1.2% on the BSE in intra-day trade.
The stock was trading higher for the fifth straight session, and has gained 5.2% during this period. Notably, on Monday, the stock crossed its previous high of Rs 1,791.90 touched on July 3, 2024.
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The recent surge can be attributed to the MSCI rebalancing, which came into effect on Monday, November 25.
It is to be highlighted that analysts project an influx of around $2.5 billion into Indian markets, with HDFC Bank expected to receive a significant portion of this capital.
HDFC Bank is India’s third most-valuable listed company after IT major Tata Consultancy Services (TCS), which has a market cap of ₹15.60 lakh crore and Reliance Industries (RIL) with a market cap of ₹17.50 lakh crore.
HDFC’s stock, in the last one month, is up 4.8% while on a year-to-date (YTD) basis, it has gained 6%.
Meanwhile, in the last one year the stock of India’s most valuable lender has surged 18%.
In the last six months, HDFC Bank has outperformed the market by surging nearly 20%, as compared to 6.7% rise in the BSE Sensex.
In its recently released results for Q2FY25, HDFC Bank reported a 5.3% increase in standalone net profit to ₹16,821 crore, up from ₹15,976 crore in the same quarter last fiscal year.
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