Synopsis
Fund managers are bullish on the large private sector banks, such as HDFC Bank, ICICI Bank, Axis and Kotak. They believe their strong management teams will be able to manage the second wave of Covid-19. Many BFSI funds have concentrated portfolios and these stocks account for nearly half of the scheme.
Agencies
Despite slow credit growth, the top private banks HDFC Bank, ICICI Bank and Axis Bank have reported credit growth of 2-3x of the industry during FY21 at NPA levels that continue to be similar to those of last year.
Mumbai: The data set is decidedly mixed, and the odds don’t appear too bright at least on paper. But analysts still believe BFSI must be in your portfolio and not simply because it makes up the biggest chunk of the broadest indices of India.
Market cap of 7 most valued stocks jumps a whopping Rs 1.6 lakh crore
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Last Updated: May 02, 2021, 05:29 PM IST
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Synopsis
ICICI Bank added Rs 21,033.34 crore taking its valuation to Rs 4,15,348.35 crore and State Bank of India witnessed a rally of Rs 15,171.83 crore to reach the market capitalisation of Rs 3,15,440.39 crore.
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While Reliance Industries, Infosys, Hindustan Unilever Limited, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance and State Bank of India emerged as gainers, Tata Consultancy Services, HDFC Bank and HDFC took losses in their market capitalisation (m-cap).
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NEW DELHI: Seven of the top-10 most-valued companies together added a whopping Rs 1,62,774.49 crore in market valuation last week, with major contribution coming in from Reliance Industries Ltd and Bajaj Finance. Last week, the 30-share BSE benchmark gained 903.91 points or 1.88 per cent.
Deja Vu for ICICI Bank investors: Will it be better this time?
According to Macquarie’s projections, ICICI Bank trades at an FY23 estimated price-book (P/B) multiple of 2.4 compared with 2.7 for HDFC Bank.
Synopsis
Investors would recollect that the last time ICICI Bank had reported better growth than HDFC Bank was in the mid-2000s when the former had taken an aggressive stance of growing the wholesale book.
ET Intelligence Group: The stock of ICICI Bank gained nearly 4% on Monday after the bank reported better loan book growth retail and overall than the larger peer HDFC Bank for the March quarter with improving asset quality. Given an additional COVID provision of Rs 1,000 crore, the bank is well placed amid the second wave of the pandemic. While it has been able to reduce the valuation gap with HDFC Bank over the past few quarters, the