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India’s private sector banks lead market cap gains on stronger metrics, says S&P Global Market Intelligence

Posted on 8 July 20248 July 2024 by Pradeep Jayan

India’s private sector banks led gains in market capitalization in the three months to June 30 amid improvement in their financial metrics and positive sentiment in the Indian stock market, according to S&P Global Market Intelligence data & ananlysis.

Axis Bank Ltd.’s market capitalization rose 20.9% to 3.911 trillion rupees in the period, S&P Global Market Intelligence data shows. India’s biggest private lender, HDFC Bank Ltd. posted a 16.5% increase in its market capitalization to 12.811 trillion rupees. Barring IndusInd Bank Ltd., the market capitalization of all private sector banks among the 20 largest banks in the country improved from the previous quarter.

Overall, 16 of the 20 largest banks in India posted an increase in market capitalization in the three months ended June, with five of them posting double-digit increases. Three of the four banks that saw their market capitalization decrease were public sector banks: Bank of India Ltd., Union Bank of India, and Punjab National Bank.

The top five banks retained their ranking during the quarter, led by HDFC Bank continuing to stay atop the list, followed by ICICI Bank Ltd.. State Bank of India, the country’s biggest lender by assets, secured the third place in the ranking list in the quarter, while Axis Bank and Kotak Mahindra Bank Ltd. bagged the fourth and fifth place. AU Small Finance Bank Ltd. was a new entrant to the list, at the 19th position, after the lender’s market capitalization rose 32.1% to 499.4 billion rupees.

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