HDFC Bank retained its No 1 position in the BrandZ India top 50, doubling its brand value since 2014 with a sustained focus on improving services.
The leading private sector lender improved its brand value from USD 9.4 billion to USD 18 billion since 2014, said research agency Kantar Millward Brown in a statement here.
The bank has retained the top slot for the fourth year in a row.
The BrandZ Top 50 Most Valuable Indian Brands 2017 was announced today by WPP and Kantar Millward Brown.
"Indian consumers seek authenticity and value for money, and the meaning of those things is being constantly redefined.
"As consumers become wealthier, they look beyond price to factors like extra features, innovation and a personalised experience," David Roth, CEO, EMEA and Asia at The Store WPP said in the statment.
"As reflected in this year's ranking, the most agile Indian brands have recognised the complexity in the market, and achieved just the right balance between aspirational and affordable," he added.
There were seven newcomers to the ranking, the report said. Telecom provider Reliance Jio ranks at No 11, months after its launch. Other new entrants included DMart, appliance brand Whirlpool, insurance brand Bajaj Allianz, Canara Bank and entertainment brands Sun Direct and DishTV.
According to the survey, India's most valuable brands have increased their brand value by 21 per cent overall, to USD 109.3 billion in the last year.
This compares with a 2 per cent decline in 2016, and is well ahead of the 8 per cent value increase of the BrandZ Top 100 Most Valuable Global Brands 2017.
The auto sector has grown 23 per cent in value by meeting consumers diverse, changing aspirations and budgets, the report noted.
The category includes tyres, lubricants, and motor fuels. MRF Tyres rolled up 5 positions up from 2016 to 30 in 2017.
The FMCG category, which includes alcohol, food and dairy, personal care and soft drinks, was significantly affected by these challenges but still managed to grow by 6 per cent in value, the report said.
It can be noted that noodle brand Maggi - the overall second fastest riser in this category - aligned itself with the trend for nostalgia, which helped it bounce back after a couple of difficult years.
The financial services category increased its value by 26 per cent. And the fastest rising banks were Punjab National Bank and Kotak Mahindra Bank, the report said.
Source: ET Brand Equity