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HDFC Bank hits record high, m-cap tops Rs 4 lakh crore

Stock of HDFC Bank, riding high on the continued optimism, owing to strong fourth-quarter earnings, hit a record high on Thursday, and its market capitalisation crossed Rs 4 lakh crore.

HDFC Bank is only the third firm after Reliance Industries and Tata Consultancy Services to have crossed this mark, and the bank has been significantly contributing to the recent market rally.

According to a leading analyst, who spoke to a business news portal, growth has surprised all, even after strong growth over the last few years, and HDFC Bank has been a consistent performer, with the potential to give 15% CAGR return in the future as well.

On Thursday, shares of HDFC Bank ended up 1.28% at Rs 1,567.25, after hitting a high of
Rs 1,572.30. At close, its market cap stood at Rs 4.02 lakh crore.

Whereas, the stock on Friday opened at Rs 1565, lower by Rs 16 or 1% on the BSE.

Stock view:

HDFC Bank Ltd is currently trading at Rs 1549.4, down by Rs 17.85 or 1.14% from its previous closing of Rs 1567.25 on the BSE.

The scrip opened at Rs 1565 and has touched a high and low of Rs 1565 and Rs 1546 respectively. So far 191516(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 401985.38 crore.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 1572.3 on 27-Apr-2017 and a 52 week low of Rs 1105 on 28-Apr-2016. Last one week high and low of the scrip stood at Rs 1572.3 and Rs 1455.1 respectively.

The promoters holding in the company stood at 21.2 % while Institutions and Non-Institutions held 45.01 % and 15.33 % respectively.

The stock is currently trading above its 50 DMA.