Shares of the second-largest private sector lender in the country, ICICI Bank, climbed more than four per cent on Monday, making it the fifth Indian firm to exceed Rs 8 lakh crore in market capitalisation.
It is also the second bank to cross this milestone, after HDFC Bank.
The other Indian firms with over Rs 8 lakh crore in market capitalisation are Reliance Industries, TCS, Infosys and Bharti Airtel. With Rs 20.4 lakh crore, Reliance remains on top in terms of market capitalisation, followed by TCS at Rs 15 lakh crore.
ICICI Bank shares were trading at Rs 1,158.55—nearly five per cent increase—at 3 pm.
The stock advanced after the company's March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore.
On a standalone basis, ICICI Bank reported 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the quarter, against Rs 9,122 crore in the year-ago period.
For the fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
The core net interest income increased 8.1 per cent to Rs 19,093 crore in the reporting quarter following a 16.8 per cent growth in loans.
"We believe ICICI Bank firmly remains on a path to deliver +2.3 percent/18.5 percent average RoA/ RoE over FY25-26, aided by asset quality being in good shape, and continued growth momentum, while margins expected to moderate slightly. ICICI bank has continued to deliver a best-in-class return profile among its larger private peers which will help it retain its valuation premium," a note from JM Financial read.
—With PTI inputs