HDFC Bank achieved a new milestone, became the second most valuable company by beating TCS, know who occupied the first place
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Country’s second largest private bank HDFC Has achieved a new milestone. Now HDFC Bank has also become the second largest company in terms of market capitalization. Please tell that the merger of HDFC Bank and HDFC took place this month. The bank has reached the second position, pushing TCS to the third position. HDFC Bank’s stock stood at Rs 1,688.50 at the close of trading on BSE on Thursday in the stock market. In this way, the total market capitalization of the company has become Rs 12,72,718.60 crore, which is Rs.TCS) More than. The market capitalization of information technology giant TCS stood at Rs 12,66,891.65 crore. This is Rs 5,826.95 crore less than HDFC Bank.
Reliance occupied the first place
The merger of its parent company HDFC Bank with HDFC Bank has come into effect from July 1. This deal of about $ 40 billion has been considered the biggest merger of the Indian corporate world. Reliance Industries remains the country’s most valuable company with a valuation of Rs 17,72,455.70 crore. It is followed by HDFC Bank and TCS. HDFC Bank has now also become the country’s most valuable bank in terms of country capitalization. After that is the place of ICICI Bank and State Bank of India. At present, the reign of Reliance Industries is intact. Reliance is the most valuable company in the country with a market valuation of Rs 17,72,455.70 crore. Whereas, ICICI Bank is stable at fourth with a market value of Rs 6,96,538.85 crore and Hindustan Unilever at fifth with a market value of Rs 6,34,941.79 crore.
Infosys earned 11 percent net profit in the first quarter
Information technology (IT) company Infosys’ consolidated net profit in the first quarter of the current financial year rose by 11 per cent to Rs 5,945 crore from Rs 5,362 crore in the year-ago period. However, Infosys has reduced its growth forecast for the current financial year 2023-24 to one to 3.5 percent amid macroeconomic uncertainties. Earlier it had projected a four to seven per cent increase in revenue growth. In the April-June quarter, the company’s income increased by 10 percent to Rs 37,933 crore, compared to Rs 34,470 crore in the same quarter of the previous financial year. Compared to the January-March quarter, the company’s net profit decreased by three percent in the last quarter, while the revenue registered a quarter-on-quarter increase of 1.31 percent.
The company got the benefit of generative AI and big deals
Infosys Chief Executive Officer (CEO) Salil Parekh, referring to the delay in decision-making in the market, said that in the first quarter we did some big deals but there is a delay in signing and execution of deals. He said that due to this delay, the revenue from these big deals would come only in the second half of the financial year. Talking to reporters about the quarterly results, Parekh told reporters that in the first quarter, clients in certain sectors have reduced the number of transformative projects and delayed decision making. However, we have seen good progress in terms of generative AI and large deals.
The company signed a $ 2.3 billion deal this year
In the first quarter of the current financial year, Infosys signed large deals worth $2.3 billion, which will help create a strong foundation for future growth. Apart from this, the company got 80 projects in the field of artificial intelligence. Infosys also announced a final dividend of Rs 17.50 to its shareholders. This proposal was approved in the general body meeting on 28 June. Last week, other IT companies TCS, HCL Technologies, Wipro and LTIMindtree also announced their first quarter results.
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