ICICI Bank Joins the $100 Billion Market Cap Club; Sixth Indian Company To Do So ICICI Bank Ltd. surpassed a market capitalisation of $100 billion on Tuesday.
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ICICI Bank Ltd. has achieved a significant milestone by surpassing a market capitalization of $100 billion, joining an exclusive group of only five other Indian companies. On Tuesday, the bank's stock reached a new record high, pushing its market cap to $105.55 billion, equivalent to INR 8.81 lakh crore. Throughout the trading session, ICICI Bank's market value increased by INR 24,411.6 crore.
ICICI Bank now shares the podium of $100 billion market cap with Reliance Industries, Tata Consultancy Services, HDFC Bank and Bharti Airtel. Notably, ICICI is the only other banking company in the top six besides HDFC Bank.
Reliance Industries tops the list with a market cap of $233.71 billion. Hot on its heels is Tata Consultancy Services, boasting a $165.45 billion market cap, while HDFC Bank Ltd. secures its spot with $152.44 billion. Bharti Airtel Ltd. also holds its ground with a robust market cap of $101.65 billion, as per NDTV Profit.
"ICICI Bank has been delivering best-in-class performance. We expect this trend to continue at a healthy level. While earning growth may moderate as margins have receded from their peak, the bank's overall growth prospects, asset quality, and credit-deposit ratio are all strong," Nitin Aggarwal, senior group vice president and head of BFSI, Institutional Equities at Motilal Oswal, quoted CNBC-TV18.
Nitin elaborated about the recent activities in private banks, with strong return ratios and consistent loan growth. He feels that as FY25 nears, a foreseeable inflection point arises where earnings growth deceleration will bottom out, potentially leading to an acceleration in earnings.
