You are using an older browser version. Please use a supported version for the best MSN experience.

HDFC Bank crosses Rs4 trillion in market cap

LiveMint logoLiveMint 27-04-2017 Ravindra N. Sonavane

Mumbai: India’s most valued bank HDFC Bank Ltd on Thursday crossed Rs4 trillion market capitalisation for the first time, making it only the third Indian company to achieve this milestone.

At 2pm, shares of HDFC Bank were trading at a record high to Rs1,563.50 on the BSE, up 1.04% from its previous close, with market capitalisation of Rs4,00,756.52 crore. The stock gained for eight consecutive sessions and rose 9% in this period. So far this year, it gained 29.61%. India’s benchmark Sensex index rose 0.01% to 30,135.98 points.

Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL) are the other two companies which crossed market capitalisation of Rs4 trillion. RIL remained the most valued company with a market cap of Rs4.57 trillion, followed by TCS with a market cap of Rs4.56 trillion.

On 21 April, the bank reported 18.3% rise in net profit to Rs3,990 crore for the March quarter from Rs3,374 crore a year ago. Net interest income rose 21.5% on the back of a loan book growth of 19.4%.

“Considering the healthy balance sheet growth and superior quality, the bank is well placed to deliver consistently with margin leadership and robust return ratios. Therefore, the bank remains a portfolio stock with premium valuation to continue,” said ICICI Direct, in a 24 April note.

Its gross non-performing assets stood at 1.05% from 0.94% a year ago while net NPAs rose 0.33% from 0.28% last year same quarter.

“It is one of our preferred picks among retail lenders, and we remain constructive owing to its pristine asset quality, retail franchise and best in class profitability,” said broking firm Axis Capital, in a report to its investors.

Of the analysts covering the stock, 48 have a “buy” rating, four have a “hold” rating, while two have a “sell” rating, shows Bloomberg data.

More From LiveMint

image beaconimage beaconimage beacon