HDFC Bank and LIC led market cap boost last week
Last week, four of India's most valued companies, including HDFC Bank and Life Insurance Corporation of India (LIC), experienced a significant increase in their market valuation. This surge amounted to ₹1.71 lakh crore, reflecting a broader positive trend in the equity market. The Bombay Stock Exchange (BSE) benchmark also climbed 596.87 points or 0.81%, reaching an unprecedented high of 74,501.73 on April 4.
HDFC Bank and LIC emerge as top performers
Among the top ten firms, HDFC Bank and LIC emerged as the biggest winners of this market surge. HDFC Bank's market valuation soared by ₹76,880.74 crore to reach a staggering ₹11,77,065.34 crore. Meanwhile, LIC's valuation rose by ₹49,208.48 crore to hit a new high of ₹6,27,692.77 crore. These significant increases underscore their leading positions in India's financial sector.
TCS and SBI also witness market cap growth
Tata Consultancy Services (TCS) and State Bank of India (SBI) also experienced growth in their market capitalization last week. TCS's market cap increased by ₹34,733.64 crore to reach a new high of ₹14,39,836.02 crore. Similarly, SBI's valuation rose by ₹10,486.42 crore to hit ₹6,82,152.71 crore. These increases further highlight the positive trend in the equity market.
Some top firms experience market valuation dip
Despite the overall positive trend, six of the top ten companies saw a decrease in their market valuation last week. Reliance Industries suffered the most significant loss, with its valuation dropping by ₹38,462.95 crore to ₹19,75,547.68 crore. Other companies that faced losses include ICICI Bank, Bharti Airtel, ITC, Infosys, and Hindustan Unilever with their market caps decreasing by varying amounts.
HDFC Bank reports record deposit
In related news, HDFC Bank saw a record addition of ₹1.66 lakh crore in deposits for the quarter ended March 2024, following its merger with HDFC. Retail customers were the primary contributors to this increase, accounting for 77% of the additional deposits. During this period, the bank's gross advances surged by 1.6% to ₹25 lakh crore, and deposits went up by 7.5% to ₹23.8 lakh crore.
