Kotak Mahindra Bank pips ONGC in market cap to enter top 10 club; to topple Infosys, Maruti Suzuki next?
.jpg)
Kotak Mahindra Bank Market Capitalisation: In a major development in the stock market proceedings on Wednesday, India’s fourth-largest private sector lender Kotak Mahindra Bank market capitalisation surpassed that of ONGC to enter the top 10 club by market capitalisation in India. Shares of Uday Kotak-led Kotak Mahindra Bank was among the top gainers among the components of BSE Sensex since the morning trades on Wednesday. Shares of Kotak Mahindra Bank extended gains in the late morning deals to hit an all-time high on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The stock of Kotak Mahindra Bank was the lead gainers among all the banking scrips on Wednesday. The stock of Kotak Mahindra Bank surged as high as 6.39% to a record high of Rs 1,287.75 on BSE while the stock advanced 6.38% to an all-time high of Rs 1,288.4 on NSE on Wednesday. Following the sharp appreciation in the share prices, the market capitalisation of Kotak Mahindra Bank grew by Rs 14,587 crore to Rs 2,45,253 crore on the basis of record high share price as compared to Rs 2,30,665.46 crore on the basis of the previous closing price of Rs 1,210.35 on BSE.
With a market capitalisation of about Rs 2,45,253 crore, Kotak Mahindra Bank surpassed the state-owned oil explorer ONGC. As per day’s high share price of Rs 181.5, ONGC held a market capitalisation of Rs 2,32,923 crore on BSE on Wednesday.
Recently last month, Kotak Mahindra Bank toppled country’s largest lender by assets State Bank of India (SBI) in terms of market capitalisation. Now, Kotak Mahindra Bank is just behind India’s second-largest IT company Infosys and nation’s largest automaker Maruti Suzuki in terms of market capitalisation. Infosys and Maruti Suzuki command a market capitalisation of Rs 2,61,964.2 crore and 2,66,519.2 crore, respectively.
Ahead of Infosys and Maruti Suzuki, the top 10 club by market capitalisation features companies such as HDFC (Rs 3,15,937.96 crore); HUL (Rs 326638.22 crore); ITC (Rs 3,43,489.88 crore); HDFC Bank (Rs 5,05,007.89 crore); Reliance Industries (Rs 6,10,134.46 crore) and Tata Consultancy Services (Rs 6,76,011.52 crore).
Earlier on Monday this week, Kotak Mahindra Bank reported an increase of 27% in consolidated net profit to Rs 1,789 crore for the quarter ended 31 March 2018 led by a little rise in the provisioning as the asset quality improved in the reporting period.
Other Latest News
.webp)
Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
.webp)
The Andhra Pradesh government has repealed the two-child norm for candidates contesting local body elections. The state assembly on Monday passed the AP Panchayat Raj (Amendment) Bill, 2024, and the AP Municipal Laws (Amendment) Bill, 2024, effectively removing the decades-old restriction, reported NDTV.
The two-child policy was introduced in May 1994, mandating that candidates seeking election to Gram Panchayats, Mandal Praja Parishads, and Zilla Parishads should not have more than two children.
.webp)
Police have registered a case against four unidentified persons on charges of attempt to murder after NCP (SP) leader and former Maharashtra home minister Anil Deshmukh was seriously injured in stone pelting at his car in Nagpur, officials said on Tuesday.
The incident took place at around 8 pm on Monday and Deshmukh was later admitted to a private hospital in Nagpur.
.webp)
Amid alarmingly high pollution levels in Delhi, Environment Minister Gopal Rai on Tuesday urged the Centre to convene an emergency meeting to tackle the issue and said it is the moral responsibility of Prime Minister Narendra Modi to intervene in the matter.
Addressing a press conference, Rai said the Centre has not acted on the Delhi government's repeated requests to allow artificial rain in the national capital and he will again write to Union Environment Minister Bhupender Yadav.
.webp)
The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
.webp)
.webp)
.webp)
.webp)
.webp)
