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The combined market capitalisation (m-cap) of eight of the country’s top 10 firms diminished by Rs 39,892.81 crore during past week, while state-run Coal India toppled Reliance Industries as the most valued company.
Coal India toppled Reliance Industries as the country’s most valued company, ending billionaire Mukesh Ambani-led corporate giant’s over four-year rein at the top of the market valuation charts.
With a market cap of Rs 2,48,675.09 crore as on Friday, Coal India added Rs 5,305.74 crore to its valuation last week.
During the period, the share price of the company rose by over 2 per cent on the Bombay Stock Exchange (BSE). However, RIL saw its market value dipping by Rs 9,691.84 crore to Rs 2,39,414.62 crore.
Shares of Coal India have shown a remarkable surge ever since its listing on November 4, 2010. The company had raised over Rs 15,000 crore through its IPO, which gave it a market valuation of over Rs 1,50,000 crore.
RIL shares have been under pressure in the recent past, while ONGC and CIL have managed to outperform in a weak market on several occasions in past few days.
ONGC was at the third position in the market valuation charts at the end of Friday’s trade. However, in late morning trade that day, the state-run company pipped RIL to emerge as the country’s second-most valued company with a slightly higher market valuation, but could not retain the lead for the entire day.
The market value of ONGC dropped by Rs 3,037.2 crore to Rs 2,35,917.36 crore.
IT exporters, TCS and Infosys together lost Rs 12,746.55 crore from their combined market valuations. The m-cap of TCS stood at Rs 1,81,980.46 crore, while that of Infosys was at Rs 1,27,778 crore.
State Bank of India saw its market value declining by Rs 9,750.27 crore to Rs 1,29,531.61 crore. Others who also saw a dip in their market cap were telecom player Bharti Airtel, power producer NTPC and private lender HDFC Bank.
The market cap of Bharti Airtel fell by Rs 2,202.56 crore to Rs 1,45,634.89 crore and NTPC lost Rs 1,154.36 crore from its market valuation which stood at Rs 1,43,264.87 crore. HDFC Bank’s m-cap also dipped by Rs 1,310 crore to Rs 1,07,899.97 crore.
In contrast, FMCG major ITC saw its market value swelling by Rs 426.32 crore to Rs 1,54,134.6 crore. The BSE benchmark index Sensex fell by 4.14 per cent to end the week at 16,141.67.
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