HDFC Bank Ltd. on Tuesday became the third Indian company to achieve a total market capitalisation of Rs 15 lakh crore. The value increased by Rs 26,782 crore over the previous day.
The stock surged to another record high of Rs 1,970.65 apiece intraday, rising 2.3%. The share price settled 1.9% higher at Rs 1,962.9, as compared to a 0.06% advance in the NSE Nifty 50.
So far, only Reliance Industries Ltd. and Tata Consultancy Services Ltd. have recorded a market cap of Rs 15 lakh crore.
The investor rush into HDFC Bank stock follows its impressive fourth quarter earnings that enthused confidence and now provides a destination for capital reeling under the global tariff uncertainty.
The bank reported a net profit increase of 6.7% year-on-year to Rs 17,616 crore, alongside a 10.3% rise in net interest income to Rs 32,066 crore. Additionally, the net non-performing assets ratio stood at 0.43%, down from 0.46% quarter-on-quarter, while gross NPA improved to 1.33% from 1.42% quarter-on-quarter.
Jefferies has retained HDFC Bank as one of its top picks, while Macquarie has maintained an 'outperform' rating, citing stable credit costs and improved margins.
The stock has risen 30% in the last 12 months and 11% so far this year.
Out of 48 analysts tracking the company, 44 maintain a 'buy' rating, four recommend a 'hold' and none suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a potential upside of 9%.
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