HDFC Bank surpasses TCS, becomes India's second most valuable company

HDFC Bank has overtaken Tata Consultancy Services (TCS) to become India's second most valuable company by market capitalisation (mcap). At the close of trade, HDFC Bank's mcap stood at Rs 12,72,718.60 crore, surpassing TCS' valuation of Rs 12,66,891.65 crore on the BSE by Rs 5,826.95 crore.

HDFC Bank's rise to the second spot was driven by the completion of its merger with parent company HDFC, which took place on July 1. The $40 billion merger, the largest in Indian corporate history, was motivated by the changing regulatory landscape, making it advantageous for HDFC to integrate into the bank rather than continuing as a non-bank lending entity.

Shares story 

Shares of HDFC Bank ended at Rs 1,688.50, recording a marginal gain of 0.22 per cent on the BSE, while TCS' shares experienced a 0.25 per cent decline, ending at Rs 3,462.35.

Currently, Reliance Industries holds the top spot as the country's most valued firm, with a market valuation of Rs 17,72,455.70 crore. The top five companies also include ICICI Bank (Rs 6,96,538.85 crore) and Hindustan Unilever (Rs 6,34,941.79 crore) alongside HDFC Bank and TCS.

Moreover, not only has HDFC Bank secured its position as the second most valuable company, but it also leads the banking sector with the highest market capitalisation, followed by ICICI Bank (Rs 6,96,538.85 crore) and State Bank of India (Rs 5,44,356.70 crore).

On the broader market front, the 30-share BSE Sensex achieved a record-setting performance, surging 474.46 points or 0.71 per cent to close at 67,571.90, marking an all-time high. During the day, it reached an intraday peak of 67,619.17, gaining 521.73 points or 0.77 per cent.

(With PTI Inputs)