The HDFC Bank on Thursday joined the league of Indian companies with over $100 billion market capitalization. Prior to this, only two Indian companies – Reliance and Tata – had this credit of crossing $100 billion market capitalization. The HDFC bank crossed this limit of market capitalization on Thursday and become the third company in India to achieve this milestone. The bank has also been ranked 110th among the world’s most valued companies
Reliance Industries Ltd. has a market share of $140.74 billion and Tata Consultancy Services (TCS) has a market cap of $114.60 billion.
The HDFC bank currently ranks 26th among the most valued banks and financial companies around the world which have a market cap of over $100 billion.
The Bloomberg Intelligence gives the credit to the bank’s encouraging tendency to open the branches in semi-urban and rural areas of India for this achievement and higher revenue and profit. Till September 2019 data of Bloomberg says that around 52% of the bank’s branches were outside the major metropolitan and urban centres.
The analysts expect that HDFC Bank will deliver strong credit growth ahead with the capital above regulatory requirements.