HDFC Bank hits new high; surpasses TCS in market cap ranking

HDFC Bank hit a new high of Rs 1,840 on BSE on Tuesday in intra-day trade, surpassing information technology (IT) giant Tata Consultancy Services (TCS) in market capitalisation (market-cap) ranking.

HDFC Bank with market-cap of Rs 473,944 crore came in at number two position in overall ranking ahead of TCS which had market-cap of Rs 470,934 crore at 10:24 am; the BSE data showed.

Earlier, on November 11, 2016 HDFC Bank had surpassed refinery major Reliance Industries (RIL) to become second most valuable company in terms of market-cap on the closing level basis.

Currently, RIL is at number one position with market-cap of Rs 533,070 crore, rallying 64% since November 2016. By comparison, HDFC Bank surged 44%, while TCS gained 14% against 19% rise in the benchmark S&P BSE Sensex during the period.

Analysts at JP Morgan are overweight on the HDFC Bank, as they see the bank as the best-quality play in the current environment, given what they believe are its stable margins, healthy asset quality, consistent performance and superior management.

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