HDFC Bank becomes Big-cap
India's private bank major, HDFC Bank extended its upward rally, ahead of its Q3 earnings release. HDFC Bank crossed Rs. 5 lakh crore (Rs 5 trillion) in terms of market capitalization for the first time on Thursday, marking its entry to the big league.
The private banker is the third Indian company after Reliance and TCS to achieve this market capitalization. The bank quoted a market cap of Rs. 5,00,360.08 crore at closing. HDFC Bank's holding company HDFC Limited ranks fifth in terms of market cap.
In Q2, the bank reported 20 percent increase in net profit on YoY basis to Rs. 4,151.03 crore compared to Rs. 3,544.33 crore in the corresponding quarter of the last fiscal. The bank's GNPA stood at 1.26 per cent of gross advances as on September 30, compared to 1.24 percent in June 30 and 1.02 per cent recorded in the corresponding quarter of last fiscal.
The stock of HDFC Bank closed at Rs. 1931.80 per share, up by Rs. 40.70 or 2.15 per cent on Thursday. The stock also breached its 52-week high and quoted Rs. 1,953.75 per share during the day. The stock traded higher than its 50-day moving average.