HDFC Twins beats TCS in market cap, may become India's second largest company after merger

 HDFC Twins beats TCS in market cap, may become India's second largest company after merger.

New Delhi: HDFC twins on Monday saw their combined market prices higher than the second most valuable stock on Dalal Street, TCS.

After the announcement of the merger between financial giants, HDFC was the topper in market capitalization by Rs 5 lakh crore (Rs 5,05,725.10 crore) and was trading 13.54 per cent higher at Rs 2,782.70. Whereas HDFC Bank was trading at Rs 1,654.25 with a gain of 9.82 per cent. The private lender breached the m-cap by Rs 9 lakh crore and was ordering a value of Rs 9,16,927.47 crore.

The combined market value for HDFC Twins was Rs 14,22,652.57 crore, ahead of TCS' Rs 13,73,882.31 crore.

IT stock was trading flat at Rs 3754.75.

Reliance Industries stood at number one with a market cap of Rs 17,95,506.15 crore.

As part of the merger of HDFC and HDFC Bank, 42 ​​shares of HDFC Bank will be given for every 25 shares of HDFC Bank. Following the above, 100 per cent of HDFC Bank will be held by public shareholders and existing shareholders of HDFC will hold 41 per cent of HDFC Bank.

HDFC has total assets of Rs 6,23,420.03 crore, turnover Rs 35,681.74 crore and net assets Rs 1,15,400.48 crore as on December 31, 2021.

On the other hand, HDFC Bank has net assets of Rs 19,38,285.95 crore, turnover (including other income) for the nine months ended December 31, 2021 is Rs 1,16,177.23 crore and total assets are Rs 2,23,394.00 crore. , till December 31, 2021.

HDFC Bank said the proposed transaction will enable HDFC Bank to build its home loan portfolio and enhance its existing customer base. The private lender said the proposed transaction is based on leveraging the significant complementarities that exist between the parties.

“The proposed transaction will create meaningful value for a variety of stakeholders, including stakeholders, customers, employees, as the combined business sees increased scale, broader product offerings, balance sheet flexibility and the ability to drive synergies in revenue opportunities, operational efficiencies and underwriting will benefit from efficiency, among others," it said.

Source by internet.

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