The market capitalisation (m-cap) of ICICI Bank Ltd’s, India’s second-largest private lender, surged past Rs 8 lakh crore mark on Monday after its shares rallied over 4 per cent to a fresh 52-week high of Rs 1,155.65 on the NSE.
The stock hit a record high of Rs 1,160 on the BSE, up 5 per cent, on April 29, taking its returns for 2024 to 17 per cent.
It closed at Rs 1,158.80 on the BSE, up 4.67 per cent from its previous close.
On Monday (April 29), ICICI Bank was the top index contributor and also the biggest gainer in the Nifty pack.
It is also worth mentioning that the rally in ICICI Bank Ltd stock helped the banking gauge Nifty Bank hit a fresh all-time high of 49,359.90.
On the intraday basis, the 12-stock index shot up by 1,260 points.
What has pushed ICICI Bank shares?
The better-than-expected results for the March quarter, which is said to be the best in nearly a decade, have pushed the shares of ICICI Bank Ltd.
ICICI Bank on April 27 reported a net profit of Rs 10,707 crore for the January-March quarter of the financial year 2023-24, which marks a 17.38 per cent jump from Rs 9121.87 crore clocked in the year-ago period.
It reported interest income earned during the quarter at Rs 37,948.36 crore which was up by 22.33 per cent from Rs 31,021.13 reported in the year-ago period.
It achieved a ROA of 2.4 per cent in FY24, reflecting strong performance across the board.
Which stocks have so far crossed Rs 8 lakh crore mcap mark?
Till now, only Reliance Industries, TCS, HDFC Bank, Infosys and Bharti Airtel have crossed this milestone.
RIL remained India’s most valued firm with an mcap of Rs 20.4 lakh crore, followed by TCS and HDFC Bank, which has an mcap of Rs 15 lakh crore and Rs 9.6 lakh crore.
Infosys and Bharti Airtel have mcap of Rs 8.16 lakh crore and Rs 8.1 lakh crore.
State Bank of India (SBI), the country’s largest lender had a market capitalisation of Rs 7.4 lakh crore.
With inputs from agencies
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ICICI Bank becomes second lender, 5th India firm to cross Rs 8 lakh crore in market capitalisation
