HDFC Bank crossed Rs 6 trillion -


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Bank crossed Rs 6 trillion –

Image result for hdfc bank crossed 6 trillion

·       HDFC Bank Ltd crossed Rs.6 trillion market capitalization for the first time on 13 March 2019, making it only the countries third firm to achieve the milestone.
·       HDFC Bank stock gained for the fifth session in a row, rising as much as 6% during the period.
·       Tata Consultancy Service Ltd (TCS) and Reliance Industries Ltd (RIL) are the other 2 companies to cross it.

More about HDFC Success Story –

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HDFC Bank is only the third Indian firm—after Reliance Industries Ltd (RIL) and Tata Consultancy Services (TCS)—to achieve the mark

HDFC Bank’s steady 20% profit growth quarter-after-quarter as well as its immunity to the bad loans crisis have helped the stock

Topics
HDFC Bank / Reliance / TCS

Mumbai: India's most valued lender HDFC Bank Ltd crossed the Rs.6 trillion market capitalisation for the first time on Wednesday, making it only the country's third firm to achieve the milestone.

Intra-day, the stock touched a fresh record high of  Rs 2,233 on the BSE, up 2.87% from its previous close. The scrip closed at Rs 2,226.10 on the BSE, up 2.56%, with a market capitalisation of Rs 6.06 trillion. The Sensex rose 0.58% to end at 37,752.17 points.

HDFC Bank's stock gained for the fifth session in a row, rising as much as 6% during the period. Year-to-date, it has advanced 5%.

Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL) are the other two companies that crossed the market capitalisation of Rs 6 trillion. RIL remained the most-valued company with a market value of Rs 8.54 trillion, followed by TCS with a market value of Rs 7.51 trillion.

HDFC Bank’s steady 20% profit growth quarter-after-quarter as well as its immunity to the bad loans crisis have helped the stock. Investors continued to remain buyers in the stock due to its healthy asset quality, superior deposit franchise credit underwriting and structurally better net interest margin.

But asset quality of the bank has deteriorated marginally over the last three years on account of cyclical trends in its agri-loan portfolio, patchy monsoon and farm loan waivers announced by various state governments.

The recent liquidity crisis, however, has not dented its portfolio. HDFC Bank's management has reviewed its existing NBFC portfolio and believes that the portfolio is well-positioned. It does not see an immediate concern on any exposure.

Among the analysts covering the HDFC Bank stock, 50 have a “buy" rating, three have a “hold" rating, while one has a “sell" rating, according to Bloomberg data.

In intraday trade, HDFC Bank shares rose 2.62% to a record high of Rs 2,227.40 apiece on the BSE. At 1.30pm, the scrip was trading at Rs 2,224.40, imparting the private sector lender a market cap of Rs 6.06 trillion.

The benchmark Sensex was trading 0.35% higher at 37,667.48 points.

The HDFC Bank stock has gained for the fifth session in a row, rising as much as 6% in this period. Year to date, it has advanced 4.8%.

HDFC Bank’s steady 20% profit growth quarter-after-quarter as well as its immunity to the bad loans crisis has helped the stock. Investors continued to remain buyers in the stock due to its healthy asset quality, superior deposit franchise credit underwriting and structurally better net interest margin.

But asset quality of the bank has deteriorated marginally over the last three years on account of cyclical trends in its agri-loan portfolio, patchy monsoon and farm loan waivers announced by various state governments.

The recent liquidity crisis, however, has not dented its portfolio.

HDFC Bank's management has reviewed its existing NBFC portfolio and believes that the portfolio is well-positioned. It does not see an immediate concern on any exposure.

Among the analysts covering the HDFC Bank stock, 50 have a “buy" rating, three have a “hold" rating, while one has a “sell" rating, according to Bloomberg data.

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