Top 8 firms add over ₹4 lakh crore in market cap, HDFC Bank, ICICI Bank lead gains
In a week, the market valuation of eight of the top 10 most valued firms surged by ₹4,13,003.23 crore, with HDFC Bank and ICICI Bank emerging as the biggest gainers.
In a week, the market valuation of eight of the top 10 most valued firms surged by ₹4,13,003.23 crore, with HDFC Bank and ICICI Bank emerging as the biggest gainers.
HDFC Bank took the biggest hit as its valuation tumbled Rs 56,124.48 crore to Rs 12,01,267.28 crore.
In a significant development, HDFC Bank's part-time chairman and independent director Atanu Chakraborty has resigned from his position citing concerns over “certain happenings and practices” at the bank.
HDFC Bank Managing Director and CEO Sashidhar Jagdishan has approached the Supreme Court seeking quashing of a criminal FIR filed against him by the Lilavati Kirtilal Mehta Medical Trust, which manages Mumbai’s prominent Lilavati Hospital.
Reliance Industries and HDFC Bank remained with maximum gain, in line with an optimistic trend in equities.
Deepak Jasani, Head of Retail Research, HDFC Securities said state-run Oil Marketing Companies (OMCs) announced a reduction in petrol and diesel prices by Rs 2 per litre across the country.N
Strong FII buying seen on Wednesday of around Rs 2,800 crore also supported the ongoing momentum.
These banks include Axis Bank, Survoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank and IndusInd Bank.
Recently, the private sector lender reported a 33 per cent jump in its net profit at Rs 16,372 crore in Q3 of FY24, as compared to Rs 12,259 crore a year ago.
Equity mutual funds saw net inflows dip sequentially in July on the back of outflows from large-cap funds, but flows remained positive for the 29th consecutive month, says Deepak Jasani, Head of Retail Research, HDFC Securities.
