ICICI Bank Ltd, India’s second-largest private lender, witnessed a significant surge in its market capitalization, crossing the Rs 8 lakh crore milestone on Monday. This milestone was propelled by a remarkable rally in its shares, which soared over 4 percent to reach a new 52-week high of Rs 1,155.65 on the NSE.
The stock’s upward trajectory continued as it reached a record high of Rs 1,160 on the BSE, marking a 5 percent increase on April 29. This surge contributed to a year-to-date return of 17 percent for 2024, reflecting strong investor confidence in the bank.
Closing at Rs 1,158.80 on the BSE, the stock demonstrated a 4.67 percent increase from its previous close, showcasing its robust performance in the market.
On April 29, ICICI Bank emerged as the top index contributor and the largest gainer in the Nifty pack, underscoring its significance in driving market momentum.
Furthermore, the rally in ICICI Bank shares had a ripple effect, propelling the banking gauge Nifty Bank to achieve a fresh all-time high of 49,359.90. This surge was particularly notable on an intraday basis, with the 12-stock index witnessing a remarkable increase of 1,260 points.
The stellar performance of ICICI Bank reflects not only its strong fundamentals but also investor optimism regarding its growth prospects and resilience in navigating market challenges. As one of India’s leading private lenders, ICICI Bank continues to consolidate its position in the financial sector, attracting significant interest from both domestic and international investors.
Overall, the surge in ICICI Bank’s market capitalization and its impact on the broader market indices signify the bank’s pivotal role in shaping the trajectory of India’s financial markets and its contribution to overall market sentiment and investor confidence.
What has pushed ICICI Bank shares?
ICICI Bank Ltd. exceeded expectations in the March quarter, marking its strongest performance in nearly a decade. On April 27, it announced a net profit of Rs 10,707 crore for the January-March period of the financial year 2023-24, a notable 17.38% increase from the previous year’s Rs 9,121.87 crore. The bank also reported a significant rise in interest income, reaching Rs 37,948.36 crore, up by 22.33% from Rs 31,021.13 crore in the corresponding period last year. This robust financial performance translated into a Return on Assets (ROA) of 2.4% for the fiscal year 2023-24, showcasing a strong performance across all segments. The better-than-expected results propelled ICICI Bank’s shares, indicating investor confidence in the bank’s operational efficiency and growth trajectory.
Which stocks have so far crossed Rs 8 lakh crore mcap mark?
As of now, only Reliance Industries, TCS, HDFC Bank, Infosys, and Bharti Airtel have achieved a significant milestone in market capitalization (mcap) in India. Reliance Industries leads with an mcap of Rs 20.4 lakh crore, followed by TCS at Rs 15 lakh crore, and HDFC Bank at Rs 9.6 lakh crore. Infosys and Bharti Airtel have recorded mcaps of Rs 8.16 lakh crore and Rs 8.1 lakh crore, respectively. State Bank of India (SBI), the largest lender in the country, holds a market capitalization of Rs 7.4 lakh crore. These figures reflect the dominance and strength of these companies in the Indian market, showcasing their robust performance and investor confidence.
