India's major housing finance firm HDFC acheived a new feat to cross the Rs 4 lakh crore market capitalisation.
India’s major housing finance firm HDFC acheived a new feat to cross the Rs 4 lakh crore market capitalisation. HDFC share price swelled to a fresh record high on Friday, taking the firm’s market value to a whopping Rs 4.06 lakh crore, making it the 5th most valued Indian firm. Oil-retail-to-telecom conglomerate Reliance Industries retained its top slot with a market cap of Rs 10.03 lakh crore followed by top Indian IT company TCS (Rs 7.77 lakh crore). HDFC Bank has emerged to become India most valued private sector lender with its market capitalisation soaring to Rs 6.91 lakh crore. FMCG major Hindustan Unilever is the fourth in the list with its market value at Rs 4.3 lakh crore as at the end of Friday. With this unique feat, now two companies from HDFC Group have entered into the top list of high market cap.
Last month, HDFC Bank crossed Rs 7 lakh crore in market capitalisation (m-cap) for the first time becoming only the third firm after TCS and RIL. India’s most valued private sector lender hit Rs 7.01 lakh crore in m-cap. HDFC Bank stock has climbed over 20 per cent so far this year. Notably, four companies are listed from this group including HDFC AMC and HDFC Life Insurance, and their combined market cap is set to cross the Rs 13 lakh crore mcap soon. India’s biggest non-banking financial company HDFC posted a solid rise in profit for the September thanks to dividend from subsidiaries and proceeds from stake sale in Gruh Finance.
Deferred tax assets (DTA) impact that has affected the banking and financial sector’s bottom line this quarter was relatively low. In the September quarter, HDFC on Monday reported a 60.57 per cent year-on-year jump in standalone profit at Rs 3,961.53 crore for the September quarter. The lender had reported Rs 2,467.08 crore profit in the same quarter last year.