ICICI Bank pips HUL to become 5th most valued stock on D-Street, BFSI News, ET BFSI
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At 12.35 pm, ICICI Bank was quoting 12.75 per cent higher at Rs 855.90. At this price, the stock was commanding a market capitalisation of Rs 5,93,650.79 crore which was higher than HUL’s m-cap of Rs 5,71,150.39 crore.
This is the first time since May 2015 that HUL lost to ICICI Bank in the m-cap race. On May 19, 2015, HUL’s m-cap stood at Rs 1,82,733.6 crore compared with ICICI Bank’s Rs 1,82,892.14 crore, as per data compiled from corporate database AceEquity. Since then, it was HUL which was leading the m-cap race.
Shares of HUL have risen merely 1 per cent so far in 2021 compared with a 59 per cent jump in shares of ICICI Bank.
On Monday only, ICICI Bank stock rallied 13 per cent on strong September quarter results. Analysts targets for the stock suggest up to 28 per cent potential upside in the stock.
CLSA called the private lender best in class, as it increased target on the stock to Rs 1,100 from Rs 1,000. Net slippages were negligible with high recoveries, it said. Jefferies finds the stock worth Rs 1,000 as it believes the quarterly results were impressive on most counts.
HUL, on the other hand, missed estimates this earning season and has seen a 10 per cent fall in the last five sessions.
Infosys, HDFC Bank, TCS and Reliance Industries are four stocks that are valued higher than ICICI Bank in m-cap terms.
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