HDFC Bank witnessed maximum buying after Q3 results, while Adani Total Gas, Infosys and HDFC also posted gains.
Four of the top 10 heavyweights in terms of market capitalization on the BSE cumulatively added around ₹82,481 crore in the week between January 16 and January 20. HDFC Bank saw maximum buying post Q3 results, followed by Adani Total Gas, Infosys and HDFC. among the recipients. However, heavyweights Reliance Industries (RIL), Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, State Bank of India and Life Insurance Corporation (LIC) declined in market valuation.
According to a PTI report, four of the 10 most valued firms together added ₹82,480.67 crore to the market valuation last week.
Leading private bank, HDFC Bank registered an increase of ₹33,432.65 crore in market valuation - taking the total to ₹9,26,187.54 crore as of 20 January. This was the biggest jump in market capitalization of the top 10 most valuable companies.
The strong rally in HDFC Bank comes after the bank's third quarter earnings beat street estimates, with net profit rising 18.50% to ₹12,259.50 crore. Net interest income also increased by 24.60% YoY to ₹22,987.9 crore in Q3. The bank reduced its provisions in Q3, while gross NPAs were unchanged sequentially but lower than the same period a year ago.
Meanwhile, Adani Group-backed Adani Total Gas, a new entrant in the big list, soared by ₹22,667.1 crore - taking its market valuation to ₹4,30,933.09 crore.
HDFC Bank's parent HDFC also saw a market cap increase of ₹17,144.18 crore to ₹4,96,067.07 crore. While Infosys gained ₹9,236.74 crore to take its total market cap to ₹6,41,921.69 crore.
Among laggards, FMCG major Hindustan Unilever (HUL) took the maximum beating as the company's market cap declined by ₹17,246 crore to ₹5,98,758.09 crore. HUL was also in limelight due to its third quarter earnings. The company reported 11.6% YoY growth in standalone PAT to ₹2,505 crore in Q3FY23, while revenue stood at ₹14,986 crore in Q3FY23, up 16% YoY.
The market capitalization of heavyweight Reliance Industries (RIL) declined by ₹16,676.24 crore to ₹16,52,604.31 crore, along with its third quarter earnings. RIL announced its Q3 results on Friday and investors were cautious. In Q3FY23, RIL posted a consolidated net profit of ₹15,792 crore, a decline of 14.8% YoY, however, revenue from operations grew 15% YoY in the quarter to ₹2.20 lakh crore.
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