Indian Overseas Bank saw its market capitalization nearly double during the July-to-September quarter, according to S&P Global Market Intelligence data.

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A 91.60 per cent gain propelled the state-owned lender to the eighth place in the top 20 Indian banks by market capitalization as of September 30, from rank 14 three months ago.

Five other public sector banks rose in the market cap rankings over the previous quarter.

Central Bank of India's market cap grew 76.59 per cent over the previous quarter, while Union Bank of India gained 59.56 per cent, Indian Bank gained 44.78 per cent and UCO Bank 58.94 per cent, each climbing up two notches in the ranking, S&P Global Market Intelligence data showed.

Bank of India market cap grew 48.64 per cent, pushing it up one spot.

HDFC Bank, which merged with its housing finance parent Housing Development Finance Corp. Ltd. on July 1, remained the biggest Indian bank by market capitalization.

The market cap of the combined company grew 21.63 per cent in the third quarter.

State Bank of India, India's biggest bank by assets, grew its market capitalization by 4.49 per cent in the September quarter. Private-sector rival ICICI Bank Ltd. grew its market cap by 1.95 per cent to keep its rank as the second-largest Indian lender by market capitalization.
Nineteen of the top 20 Indian banks saw their market cap increase.

Kotak Mahindra Bank was the only lender in the list to see a drop in its market capitalization, which fell 6.02 per cent.

India's midsize state-owned banks saw a surge in market capitalization in the third quarter, catching up with the rally in the stocks of bigger rivals, due to improving metrics and a solid economic growth outlook, according to S&P Global Market Intelligence data & analysis.