HDFC Bank crosses Rs 8 lakh cr market cap for first time

HDFC Bank crosses Rs 8 lakh cr market cap for first time

Mumbai: HDFC Bank’s market capitalisation crossed the Rs 8 lakh crore mark for the first time on Wednesday.

Its shares on the BSE touched a record high of Rs 1,464 during the day, taking its market cap to Rs 8.02 lakh crore.

HDFC Bank is now the third Indian company to reach the market cap of Rs 8 lakh crore, after Reliance Industries and Tata Consultancy Services.

The bank reported an 18 per cent year-on-year rise in its net profit for the July-September quarter and the asset quality remained steady and interest income increased.

Brokerage firm CLSA has maintained a “buy” call on the stock and raised the target from Rs 1,525 to Rs 1,700, which also has boosted the investor sentiments.

The bank’s shares, however, declined amid profit booking and a sector-wide selloff in the banking stocks.

It closed at Rs 1,402.65 crore, lower by Rs 36 or 2.50 per cent from its previous close.

By the end of the day’s trade, its market cap also fell the Rs 8 lakh crore mark and settled at over Rs 7.72 lakh crore.