Oil-to-telecom major Reliance Industries retained its tag of 'largest listed firm' in India as the company hit $127 billion in market cap on March 20 intraday. The stock in the current calendar year (January-February-March) has performed far better than last whole year. It has surged 24%, so far, in 2019 against 22% in 2018. The current market capitalisation of the company stands at Rs 8,74,739.75 crore, which is equal to $127 billion, higher than that of TCS (Rs 7.6 lakh crore) and HDFC Bank (Rs 6.2 lakh crore).
8 of the 10 most valued firms together added over Rs 1,42,643 crore in market valuation last week. Reliance Industries (RIL) and HDFC Bank were the biggest gainers. TCS, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank were other gainers, while HUL and ITC suffered losses. Market value of RIL surged by Rs 35,500 crore, and HDFC Bank added nearly Rs 33,725 crore.
HDFC Bank crossed the $100 billion market capitalization mark on Thursday based on the price of its American Depositary Receipts (ADRs). HDFC Bank’s market cap is now bigger than the combined market value of Japan’s No.1 financial banking group, Mitsubishi UFJ Financial, and the top German lender, Deutsche Bank. Only banks in the US, China, the UK and Canada are now valued more than India’s largest private sector lender. HDFC Bank also became the third Indian company to cross the Rs 6-lakh crore market cap on the basis of domestic share prices.
HDFC Capital Advisors, the real estate-focused fund management arm of HDFC Ltd and property developer Tribeca have set up a platform to develop mid-income housing projects in Mumbai and Delhi-NCR. The platform will invest Rs 500 crore through a combination of debt and equity into projects that Tribeca will develop. Tribeca is known for developing branded residential projects in partnership with the Trump Organization in India. India is home to the largest Trump branded properties outside of North America.
The retail quota of HDFC Life Insurance Company offer for sale (OFS) got subscribed 1.07 times on Wednesday. The issue received retail bids for 1.06 crore shares against the retail quota of 99.5 lakh shares. The OFS had observed strong response from non-retail investors the previous day. The issue received institutional bids for 16.4 crore shares against the non-retail quota of 8.95 crore shares.
HDFC Bank become the third Indian company to cross the Rs 6 lakh crore market capitalization mark on Wednesday. The other two companies are Reliance Industries and TCS. HDFC Bank hit a lifetime high of Rs 2,233 during the day before settling at Rs 2,226 per share. HDFC Bank shares were among the top gainers on the Sensex, ending the day with a market capitalisation of Rs 6.06 lakh crore.
Bank Nifty index has hit an all-time high on March 13 after trading in a narrow range for the last two months. The rise was supported by heavyweights like HDFC Bank, Kotak Mahindra Bank, IndusInd Bank , and Axis Bank. Bank Nifty index has gained 2.9% so far this year. With growth in credit demand and improvement in asset quality, banks are expected to lead the rally for the broader markets.
The two-day offer for sale (OFS) by HDFC Life Insurance Company received an overwhelming response from non-retail investors. The issue received institutional bids for 16.4 crore shares against 8.95 crore shares reserved for non-retail investors. 90% of the offer size is reserved for institutional investors. Retail investors can participate in the issue on Wednesday. The company offered up to 7 crore equity shares with an option to sell an additional 2.95 crore equity shares at a floor price of Rs 357.50.
HDFC Life Insurance on Monday said one of its promoters, Standard Life, will sell up to 4.93% in the life insurance firm through offer for sale (OFS). The Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, will sell stake through OFS on March 12 and the floor price for the sale will be Rs 357.50 per share. At the floor price, the company will raise about Rs 3,500 crore. Standard Life holds 29.2% stake in the life insurance company while mortgage firm HDFC has a 51.5% stake.
India’s largest fund manager, HDFC Mutual Fund, held Rs 1.36 lakh crore in equities at the end of February. HDFC MF bought 1.40 crore NTPC shares last month, followed by Bharat Electronics (65 lakh), Coal India (47.90 lakh), SBI (43.80 lakh) and REC (41.10 lakh). On the other hand, it sold over 1 crore shares each in Federal Bank and NHPC. It also sold between 20-40 lakh shares of Oil India, Spencer's Retail, Container Corp and Tata Motors. It completely exited its stake in Amber Enterprises, Dish TV, GMR Infra, Jubilant FoodWorks, Kaveri Seeds, Piramal Enterprises and Ujjivan Financial.
Country’s biggest mortgage lender, Housing Development Finance Corporation (HDFC), on Wednesday announced an interim dividend of Rs 3.50 for the financial year ending March 31, 2019. The company has fixed March 18 as the record date. The company has announced the dividend payout to distribute dividends received by the company from its subsidiaries during the year.