In a significant development, HDFC Bank has overtaken Tata Consultancy Services (TCS) to become the second most valuable company by market capitalization in India. Following the recent merger of HDFC into the bank, HDFC Bank now holds a market capitalization of Rs 12,72,718.60 crore, edging past TCS’ valuation of Rs 12,66,891.65 crore on the BSE.
HDFC Bank’s Market Capitalization Milestone:
At the close of trade, HDFC Bank’s shares ended at Rs 1,688.50 apiece, reflecting a 0.22% increase on the BSE. During the day, the stock reached a high of Rs 1,690.95, with a gain of 0.36%. On the other hand, TCS’ shares dipped by 0.25%, settling at Rs 3,462.35, and experienced a decline of 1% to Rs 3,436 during the day.
The Merger and Changing Regulatory Landscape:
The achievement comes after the successful merger of HDFC, the bank’s parent company, into the bank itself on July 1. This merger, valued at USD 40 billion, marked a significant event in the Indian corporate history and was driven by changes in the regulatory landscape that limited the advantages for HDFC as a non-bank lending entity.
India’s Top Valued Companies:
Reliance Industries retains its position as India’s most valued firm with a market valuation of Rs 17,72,455.70 crore, while HDFC Bank secures the second spot. The top five companies also include TCS, ICICI Bank (Rs 6,96,538.85 crore), and Hindustan Unilever (Rs 6,34,941.79 crore).
HDFC Bank’s Leadership in the Banking Sector:
HDFC Bank further solidifies its position as India’s most valuable bank by market capitalization, with ICICI Bank and State Bank of India following closely with market valuations of Rs 6,96,538.85 crore and Rs 5,44,356.70 crore, respectively.
Record-Breaking Sensex Performance:
The broader market sentiment is reflected in the impressive performance of the 30-share BSE Sensex, which soared to an all-time closing high of 67,571.90, registering a surge of 474.46 points or 0.71%. During the day, it reached a lifetime intra-day peak of 67,619.17, experiencing a significant rally of 521.73 points or 0.77%.
Conclusion:
HDFC Bank’s ascendancy to become the second most valuable company in India’s market capitalization rankings signifies a remarkable milestone for the bank. The successful merger with HDFC and the overall bullish market sentiment underscore the bank’s robust performance and position it as a prominent player in the Indian financial landscape.
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