Indian Overseas Bank, along with other public sector banks, has experienced a significant surge in market capitalization (market cap) during the third quarter of 2023, according to data from S&P Global Market Intelligence. This upward trend has resulted in Indian Overseas Bank climbing from fourteenth to eighth among the top 20 Indian banks.
HDFC Bank maintained its position as India's largest bank by market cap following its merger with Housing Development Finance Corp. Ltd., registering a 21.63% growth in the third quarter. State Bank of India and ICICI Bank Ltd. also managed to sustain their market caps amid these developments.
Five other public sector banks, namely Central Bank of India, Union Bank of India, Indian Bank, UCO Bank, and Bank of India, recorded substantial market cap growths. The upward trend extended to midsize state-owned banks as well, which saw a rise in their market caps.
However, not all banks observed an increase. Kotak Mahindra Bank's market cap decreased during this period.
Overall, nineteen out of the top 20 Indian banks experienced an increase in their market caps in Q3 2023, signifying a promising economic growth outlook for the sector.
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