The Hindu Business Line : Market cap doubles in '03

MARKET capitalisation of Indian companies increased by Rs 6,45,164 crore or 102.7 per cent in 2003. The market capitalisation of all listed companies on the Bombay Stock Exchange increased from Rs 6,28,197 crore on December 31, 2002 to Rs 12,73,361 crore on December 31, 2003.

This is the fastest growth in market cap in a single year.

The current market cap of the Indian companies is even higher than February 2000, when the Sensex touched its all-time high levels. During that time, the market cap on the BSE was Rs 10,29,257 crore.

An analysis of the stocks that contributed for the rise in the market capincluded big companies such as Oil and Natural Gas Corporation, Reliance Industries, Indian Oil Corporation, Steel Authority of India, GAIL India.

The top 10 companies in terms of market capitalisation contributed Rs 2,28,950 crore or 35 per cent of the gains. The top 10 companies' market cap increased to Rs 3,87,719 crore from Rs 1,58,770 crore, a gain of 144.2 per cent.

The top 30 companies' market cap increased by Rs 3,59,148 crore or about 56 per cent of the total market cap gains in 2003. The major contribution of the top companies to the market cap indicates that there has been good interest in the bigger companies.

In 2003, on an average around 1700-1800 shares were traded and most of them were from B-2 category.