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HDFC Bank pips TCS to become 2nd most valuable company on BSE

HDFC BankBSE 0.64 % on 12 September 2017 pipped Tata Consultancy ServicesBSE 0.87 % to become the second most valued company in terms of market capitalisation, thanks to a 53 per cent jump in the shares of former this year on quarter-after-quarter strong results. TCSBSE 0.87 %, on the other hand, has seen its shares rising mere 4 per cent this calendar amid a slowdown in IT industry.

At 10.45 am, the bank’s market value stood at Rs 4,71,323 crore compared with TCS’ Rs 4,70,780.75 crore.
Reliance IndustriesBSE 4.14 % with market capitalisation of Rs 5,33,070 stood at the top of the list. Meanwhile, HDFC climbed to number 5 position with ONGCBSE 0.22 % at the tenth spot. InfosysBSE -0.04 % dropped out of top 10 list.

“HDFC Bank has a pre-eminent presence in the retail banking segment (50 per cent of loan book) and has been able to maintain strong and consistent loan book growth, gradually gaining market share. Going forward, economic recovery and improvement in consumer sentiment would be positive growth drivers for the bank’s loan growth, which will in turn drive its profitability.