ICICI Bank Ltd, the second-largest private lender in India, saw a significant increase in its market capitalization (m-cap) on Monday, surpassing the Rs 8 lakh crore mark. The market capitalisation of ICICI Bank reached Rs.809361.58 crore. Reliance Industries is on top with market capitalisation of Rs.1983125.25 crore. Apart from ICICI Bank, HDFC Bank has market capitalisation of Rs.1152489.33 crore.
The largest public sector Bank in India – State Bank of India has Market capitalisation of Rs.736905.21 crore and it is expected to cross the 8 lakh crore milestone soon.
This surge was driven by a rally in the bank’s shares, which rose over 4% to reach a fresh 52-week high of Rs 1,155.65 on the National Stock Exchange (NSE). On the Bombay Stock Exchange (BSE), the stock hit a record high of Rs 1,160, representing a 5% increase on April 29. These gains have resulted in a year-to-date return of 17% for ICICI Bank.
The bank closed at Rs 1,158.80 on the BSE, marking a 4.67% increase from its previous close. On the same day, ICICI Bank emerged as the top contributor to the index and the biggest gainer in the Nifty pack. It is worth noting that the rally in ICICI Bank’s stock also contributed to the Nifty Bank, a banking gauge, reaching a fresh all-time high of 49,359.90. This 12-stock index surged by 1,260 points on an intraday basis.
The bank’s strong performance in the March quarter, which is said to be its best in nearly a decade, has been a key factor driving the rise in its shares. ICICI Bank reported a net profit of Rs 10,707 crore for the January-March quarter of the financial year 2023-24, reflecting a 17.38% increase compared to the year-ago period. The interest income earned during the quarter was reported at Rs 37,948.36 crore, representing a 22.33% increase from the previous year.
ICICI Bank achieved a return on assets (ROA) of 2.4% in FY24, indicating strong performance across the board. It is noteworthy that only Reliance Industries, TCS, HDFC Bank, Infosys, and Bharti Airtel have surpassed the Rs 8 lakh crore market capitalization milestone. Reliance Industries remains India’s most valued firm with an m-cap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank with m-caps of Rs 15 lakh crore and Rs 9.6 lakh crore, respectively. Infosys and Bharti Airtel have market capitalizations of Rs 8.16 lakh crore and Rs 8.1 lakh crore, while the State Bank of India (SBI), the country’s largest lender, has a market capitalization of Rs 7.4 lakh crore.
