HDFC Bank with market-cap of Rs 473,944 crore came in at number two position in overall ranking ahead of TCS which had market-cap of Rs 470,934 crore at 10:24 am; the BSE data showed.

Earlier, on November 11, 2016 HDFC Bank had surpassed refinery major Reliance Industries (RIL) to become second most valuable company in terms of market-cap on the closing level basis.

Currently, RIL is at number one position with market-cap of Rs 533,070 crore, rallying 64% since November 2016. By comparison, HDFC Bank surged 44%, while TCS gained 14% against 19% rise in the benchmark S&P BSE Sensex during the period.

Analysts at JP Morgan are overweight on the HDFC Bank, as they see the bank as the best-quality play in the current environment, given what they believe are its stable margins, healthy asset quality, consistent performance and superior management.

“The bank’s high share of retail loans – high-yield non-mortgage segments will drive strong revenue income. The strong digital platform should drive market share and cost efficiencies over the next two to three years and strong corporate underwriting should result in stable asset quality in the longer term,” the foreign brokerage firm said in recent report.

No exposure to the accounts mentioned in the Reserve Bank of India’s review last year and also no divergence at the recent review does reinforce our confidence on its asset quality being of the highest standard. Its CASA deposit franchise is strongest compared to peers, according to analysts at Nirmal Bang Equities.

“We are structurally positive on HDFC Bank considering its healthy asset quality, superior deposit franchise and credit underwriting, structurally better NIM and the ability to maintain RoA at around 2.0% and RoRWA at around 2.5% in the long run,” the brokerage firm said in Q1FY18 results update and maintain ‘buy’ rating on the stock with target price of Rs 2,025.