TCS Surpasses HDFC in terms of Market Capitalization
Tata Consultancy Services (TCS), the world's largest IT services company, has surpassed HDFC Bank to become the second most valued firm by market valuation.
TCS had a market capitalisation (mcap) of Rs 12,51,798.07 crore at the close of trade on July 31, which was Rs 6,049.69 crore higher than HDFC Bank's BSE valuation of Rs 12,45,748.38 crore.
TCS shares rose 1.96 percent to Rs 3,421.10 per share on the BSE. It rose 2.10 percent during the day to Rs 3,426.
However, HDFC Bank finished flat at Rs 1,651.10 per share, up 0.38 percent.
On July 20, HDFC Bank surpassed IT behemoth Tata Consultancy Services to become the second most valuable company by market capitalisation.
HDFC, the parent of HDFC Bank, merged into the lender on July 1.
The USD 40 billion merger, the largest in Indian corporate history, was motivated by a changing regulatory landscape that limited the benefits of HDFC continuing to operate as a non-bank lending entity.
With a market valuation of Rs 17,23,777.11 crore, Reliance Industries is the country's most valuable company, followed by TCS, HDFC Bank, ICICI Bank (Rs 6,98,385.07 crore), and Hindustan Unilever (Rs 6,01,847.80 crore) in that order.
On July 31, the 30-share BSE Sensex rose 367.47 points, or 0.56 percent, to settle at 66,527.67.