Riding on a sharp increase in share prices post listing, Bandhan Bank has become one of the top 50 most valuable publicly traded companies in India in terms of market capitalization (m-cap) Thursday.
In Thursday's morning trade, the Kolkata-based private sector lender with an m-cap of Rs 640 billion was spotted at the 50th rank on the Bombay Stock Exchange for the first time ever since it's listing.
Bandhan Bank has overtaken Dabur India, Britannia Industries, New India Assurance Company, and Bharti Infrastructure in the trading sessions.
Bandhan Bank stock touched a new high of Rs 540, up 1.5 percent Thursday. The stock gained 44 percent over the issue price of Rs 375.
Tata Consultancy Services Ltd (TCS) is the most valuable company in India, followed by Reliance Industries Ltd (RIL), HDFC Bank Limited and ITC.
In March this year, Bandhan Bank had raised Rs 4,500 crore through initial public offering (IPO). The pricing band for the IPO was at Rs 370-375 per share. Following the successful IPO, Bandhan Bank made a bumper debut on the stock market with the shares rising more than 27 percent on the first day of listing.
With a strong listing on the bourses, March 28, Bandhan Bank made into India's 10 most valuable banks with a market cap of Rs 55,596.64 crore.
It has been listed as the 8th most valued bank with HDFC Bank, State Bank of India, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank and Yes Bank in the top seven positions.
In the July-September quarter of the financial year 2017-18, Bandhan Bank posted a net profit of Rs 331 crore.