India's largest housing finance major HDFC achieved a major feat on Thursday, as the firm's mcap topped the Rs 4 lakh crore mark, even as the shares surged to a fresh record high.
India’s largest housing finance major HDFC achieved a major feat on Thursday, as the firm’s mcap topped the Rs 4 lakh crore mark, even as the shares surged to a fresh record high. HDFC share price zoomed more than 3% to hit an intra-day high of Rs 2,357 on BSE. The current mcap of HDFC stands at Rs 4.06 lakh crore. The firm is the fourth largest company in terms of market capitalisation. Reliance Industries (Rs 8.12 lakh crore), TCS (Rs 7.94 lakh crore), HDFC Bank (Rs 6.55 lakh crore) are the other three firms with higher market capitalisation. Notably, four firms including Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, ITC and Oil & Natural Gas Corporation (ONGC) have so far achieved the feat of crossing the Rs 4 lakh crore market capitalisation.
HDFC shares have been on a rising spree in the year so far, as the stock has returned more than 19%. Meanwhile, the Sensex is up by about 9% in the year so far. HDFC’s board is scheduled to meet on August 2, 2019 to approve financial results for the quarter ended June 30, 2019 (Q1FY20). The board will also consider the issuance of secured redeemable non-convertible debentures (NCDs) aggregating to Rs 45,000 crore on a private placement basis.
In its earnings preview report on the firm, brokerage firm Prabhudas Lilladher said that profit after tax (PAT) is expected to clock 21 per cent YoY growth, primarily led by steady market share gains and stable asset quality. “Improving spreads to help maintain NIMs (net interest margins) closer to 3 per cent levels despite sustenance of heavy liquidity on balance sheet,” the brokerage firm said in an earnings preview report.