HDFC Bank Ltd on Thursday crossed the $100 billion market capitalisation, becoming only the third firm in the country to achieve this milestone. The lender is now in the league of Reliance Industries Ltd, which has a market cap of $140.74 billion, and Tata Consultancy Services that has a market cap of $114.60 billion.
With this, HDFC Bank now ranks 110th in the world’s most valued companies. According to Bloomberg data, currently, there are 109 companies in the list which have a market cap of over $100 billion. Among the most valued banks and financial companies around the world which have a market cap of over $100 billion, HDFC Bank ranks 26th.
Investors continued to buy the stock on hope the lender would report consistent earnings performance, steady 20% profit growth, stable asset quality and healthy advances growth. The stock was trading 0.4% higher at Rs 1297.50 on the BSE, while Sensex fell 0.09% to 41519.69 points. In the last 12 months, the stock has gained 22%, while the S&P Bankex, the broader gauge of banking stocks, rose nearly 20%.
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