ICICI Bank Becomes Sixth Indian Company To Hit $100-Billion Market Capitalisation
The lender's market cap hit $105.55 billion, or Rs 8.81 lakh crore, for the first time.
ICICI Bank Ltd. has joined an elite club of Indian companies by surpassing a market capitalisation of $100 billion, reaching a milestone previously attained by only five others. On Tuesday, the bank's stock soared to a new all-time high, elevating its market cap to $105.55 billion or Rs 8.81 lakh crore.
During the trading session, ICICI Bank saw an increase of Rs 24,411.6 crore in its market value.
This places ICICI Bank alongside industry giants such as Tata Consultancy Services Ltd. and Reliance Industries Ltd., underscoring its prominence in the Indian financial market.
The surge in ICICI Bank's valuation coincided with a broader uptrend in the Nifty Bank index, which breached the 52,000-point mark to achieve its own record high.
On the National Stock Exchange , ICICI Bank shares climbed by 3.07% to reach Rs 1,206 per share at their peak intraday trading.
ICICI Bank is expected to maintain robust loan growth, focusing on quality underwriting. The bank's healthy liability momentum and superior technological capabilities are anticipated to support customer acquisition efforts, according to a research note by Motilal Oswal.
The homegrown research firm, however, said that the net interest margins are projected to remain stable in the near term, with steady growth in fees. "Operating leverage is seen as a key factor, with a strategic emphasis on enhancing return on effort."
The bank's asset quality remains resilient, and credit costs are expected to normalise gradually, Motilal Oswal added.
Among Indian firms, Reliance Industries leads with a market cap of $233.71 billion, followed by Tata Consultancy Services at $165.45 billion and HDFC Bank Ltd. at $152.44 billion. Bharti Airtel Ltd. also maintains a substantial market cap of $101.65 billion.
In contrast, Infosys Ltd., which previously surpassed the $100-billion mark, currently holds a market cap of $75.97 billion.
HDFC Bank retains its position as India's leading private bank with a market cap of Rs 12.96 lakh crore, while the State Bank of India ranks third with a valuation of Rs 7.51 lakh crore.
At the close of trading, ICICI Bank's shares settled 2.97% higher at Rs 1,204.90 per share, outperforming the broader Nifty 50 index, which advanced by 0.79%.
