HDFC Bank surpasses Reliance, becomes second most valuable company
HDFC Bank branch office in Mumbai
HDFC Bank, the private sector lender, replaced Reliance Industries (RIL) to become the second most valuable company in terms of market capitalization (m-cap) on BSE.
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The stock of HDFC Bank surged to its record high of Rs 1,450, up 9% on BSE in early morning trade after the Reserve Bank of India (RBI) removed restrictions placed on purchase of bank shares by foreign portfolio investors.
At 12.18 pm, shares of the HDFC Bank were quoting 7% higher at Rs 1,423 on BSE with m-cap of Rs 363,788 crore was at second positions in overall ranking. At the same time, RIL which is trading flat at Rs 1,065, was at number three rank with m-cap of Rs 345,341 crore.
Tata Consultancy Services (TCS) with m-cap at Rs 4,75,858 crore, still remains India's the most-valued company.
Thus far in the calendar year 2017, HDFC Bank has outperformed the market by gaining 18% as compared to 7% rise in S&P BSE Sensex. RIL was down 1%, while TCS up 2% during the same period.
Meanwhile, the combined m-cap of the HDFC Group crosses Rs 6 lakh crore m-cap. The group housing finance firm Housing Development Finance Corporation (HDFC) has m-cap of Rs 224,893 crore, while GRUH Finance have m-cap of Rs 13,958 crore, the BSE data shows.
Price on BSE in RsM-cap in Rs crore% chgCompany30/12/201616/02/201717/02/201730/12/201616/02/201717/02/20171 dayYTDTCS2361.952446.902415.90465,405482,144476036-1.32.3HDFC Bank1204.201327.351422.80307,715339,5743637887.218.2Reliance Inds.1080.101064.951064.60350,340345,4553453410.0-1.4ITC240.95266.70267.50292,065323,4033243740.311.0ONGC191.45194.10193.90245,692249,093248836-0.11.3Infosys1010.701011.901002.00232,152232,428230154-1.0-0.9HDFC1262.451393.351418.00200,110220,9772248931.812.3SBI249.75270.40268.80193,876215,604214328-0.67.6Coal India300.00318.25315.15189,491201,018195627-1.05.1Hindustan Unilever826.30846.65843.45178,834183,238182351-0.42.1 Price, M-cap as on 17/02/2017 on BSE at 12:18 pm.