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HDFC Bank turns India’s 2nd most valuable firm, beats TCS, but only for a while
Posted on 13th September 2017
Shares of HDFC Bank hit a fresh life-time high on the Bombay Stock Exchange (BSE) on Tuesday and surpassed Tata Consultancy Services (TCS) during the day’s trade to become the country’s second most valued firm in terms of market capitalisation.

The market capitalisation of HDFC Bank touched a high of Rs 4.73 lakh crore. However, in the afternoon trade, shares of TCS regained the lost ground and ended the session with a market capitalisation of Rs 4.76 lakh crore, data from the stock exchange showed.

Shares of the private lender have climbed nearly 12% in the last three months adding Rs 52,450 crore to its total market cap. On the other hand, shares of TCS lost the ground by losing 8% of the value during the same period, which allowed the lender to overtake.

So far in 2017, HDFC Bank has outperformed the market by surging 52.3% as compared to 21% rise in the S&P BSE Sensex. On the other hand, the technology major TCS, underperformed with 5.3% gain. In fact the stock had lost 3.2% of its value last year as well. IT stocks have been faring badly in the recent past because of multiple headwinds such as US government’s crackdown on work visas and appreciation of Rupee against the US dollar.

As of Tuesday, 86.8% of the 53 analyst that track HDFC Bank had a buy recommendation on the stock with those of JP Morgan having a one year price target of `2,100 per share as compared to Tuesday’s closing price of Rs 1,834.15 observed that “The bank’s high share of retail loans – high-yield non-mortgage segments will drive strong revenue income.”

The brokerage which has an overweight rating on the stock also said that the strong digital platform should drive market share and cost efficiencies over the next two to three years and strong corporate underwriting should result in stable asset quality in the longer term. According to the research house, the premium valuations are supported by 20%+ EPS growth in prospects and high return ratios.

Mukesh Ambani-led Reliance Industries claimed the numero uno position with a market valuation of Rs 5.36 lakh crore.

Related Companies: HDFC Bank   

Other Latest News
Bhel picks areas to diversify
Posted on 23rd September 2017
 
Calcutta, Sept. 22: Bharat Heavy Electricals Ltd (Bhel) is looking to diversify into areas such as solar power, transportation, defence, aerospace and water business.

"The company wants to increase its share of business in non-coal areas," said Bhel chairman and managing director Atul Sobti at the company's annual general meeting.


 
New Delhi: Regulator Sebi has lifted trading ban on 244 entities which came under the scanner for alleged misuse of stock market platform for tax evasion, saying it did not find any "adverse evidence" against them.

The move comes after Securities and Exchange Board of India (Sebi) earlier this month revoked ban on more than 500 entities in four separate cases. These are Radford Global case; Pine Animation; First Financial as well as the matter of dealing in shares of Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.


 
New Delhi:The government has come out with an estimate that valid transitional credit claims of taxpayers in July -- the first month of goods and services tax (GST) -- are just Rs12,000 crore and not Rs65,000 crore as previously claimed.

As much as Rs65,000 crore out of the about Rs95,000 crore tax collections in July had been claimed as transitional credit by taxpayers, but a close scrutiny has brought down the valid claims to Rs12,000 crore, a finance ministry official said.


 
New Delhi: The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.

Starting 3 October, masala bonds, or rupee-denominated bonds sold overseas, will not be part of the investment limit for foreign portfolio investors (FPIs) in corporate bonds and will instead be included under external commercial borrowings (ECB), the RBI notification stated.


 
Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.


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