| | OCTOBER 20238According to investment bank Jefferies, international investors are more likely to group HDFC Bank with global peers such as Bank of America and Wells Fargo when deciding on their investment strategy as India's most-valued lender becomes the world's seventh-largest bank by market value."HDFC Bank is now the seventh largest global large-cap bank, with a market capitalization of $140 billion." According to Jefferies analysts Prakhar Sharma and Vinayak Agarwal, "this can add a second dimension to investors' selection processes, as HDFC may now be stacked up against banks in global portfolios, not just for emerging market portfolios and compared with Indian banks.""Over the next three years, we expect HDFC to deliver 16-17percent compounded earnings growth aided by synergies from mergers as well as ramp-up of branches to mobilise deposits. This growth will be much higher than global large banks' range of 3-7 percent, offering a strong case to be considered in large-cap bank/global portfolios."HDFC is India's only bank with a market capitalization of $100 billion.Five of the 14 global banks with a market capitalization of more than $100 billion are from China, three from the United States, two from Canada, and one each from the United Kingdom, Australia, Japan, and India.The lender's wholesale loan book increased 11percent year on year to Rs 4.04 trillion as of June 30, but decreased by 1-2 percent sequentially, according to the CFO. At the same time, retail advances increased 18 percent year on year and 4 percent sequentially to Rs 6.57 trillion at the end of June. As a result, while the share of retail loans in total advances increased to 47 percent at the end of June from 44 percent the previous year, the share of wholesale loans decreased to 53percent from 56percent in the same period. Cognizant Technology Solutions named former Wipro CFO Jatin Dalal as its CFO on Sept 28, a week after he resigned from the Indian information technology (IT) behemoth. Dalal is Cognizant's second high-profile hire in the last year, following the appointment of former Infosys President Ravi Kumar S as CEO in January. Dalal will succeed current CFO Jan Siegmund, who is set to retire in early 2024, according to a statement from the IT services firm. In recent months, the rate of executive churn in the Indian technology industry has increased.Top Indian IT firm Tata Consultancy Services CEO Rajesh Gopinathan quit in March, while Tech Mahindra named Infosys veteran Mohit Joshi as its CEO and managing director, set to join in December.Dalal spent over two decades at Wipro, where he joined as a manager at its treasury operations and most recently held the position of president and CFO. Wipro's shares fell about 3 per cent the day after his exit.Dalal joined Wipro as CFO in 2015, and together with CEO Thierry Delaporte, steered the company through the digital services pandemic. In 2020 and 2021, the company's shares increased by 57percent and 44 percent respectively, compared to 55percent and 60percent growth in India's Nifty IT index during the same period."We are pleased to welcome Jatin to Cognizant and are confident he will help us achieve our goals as we continue to focus on driving revenue growth," said Cognizant CEO Ravi Kumar S in a statement.In August, Cognizant predicted that third-quarter revenue would exceed expectations as more businesses turned to the IT services provider to digitise their operations. HDFC BANK ON PAR WITH BANK OF AMERICA & WELLS FARGO, SAYS INVESTMENT BANK JEFFERIESCOGNIZANT SOLUTIONS WELCOMES JATIN DALAL AS CFO, SECOND HIGH PROFILE HIRE IN 12 MONTHSIN FOCUSIN FOCUS
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