In a significant feat, HDFC Bank has emerged as India’s second most valuable company, surpassing Tata Consultancy Services (TCS) based on market capitalization. With a market valuation of Rs 12,72,718.60 crore on the BSE, HDFC Bank’s shares closed at Rs 1,688.50 apiece, registering a slight increase of 0.22%.
The recent merger of HDFC, the parent company of HDFC Bank, into the bank on July 1, played a pivotal role in strengthening its position in the market. This landmark USD 40 billion merger marks the largest deal in the history of Indian corporate mergers. The strategic move was driven by changes in regulatory requirements that limited the benefits of HDFC continuing as a non-bank lending entity.
Despite the surge in HDFC Bank’s market capitalization, Reliance Industries retains its position as India’s most valued firm, with a market valuation of Rs 17,72,455.70 crore. HDFC Bank follows closely behind in the second spot, leaving TCS in the third position with a market valuation of Rs 12,66,891.65 crore on the BSE.
In the banking sector, HDFC Bank holds the top spot as the country’s most valuable bank with a market valuation of Rs 12,72,718.60 crore. ICICI Bank secures the second position with a market valuation of Rs 6,96,538.85 crore, while State Bank of India takes the third position with a market valuation of Rs 5,44,356.70 crore.
The achievement of becoming the second most valuable company in India showcases HDFC Bank’s strong growth trajectory and its ability to capitalize on market opportunities, cementing its position as a leading player in the country’s financial landscape.