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| Top 10 cos add Rs 55,000 cr in m-cap last week |
| Press Trust of India / Mumbai Oct 18, 2009, 16:42 IST |
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It was possibly the Reliance effect that fired up stock markets last week, helping the top 10 listed companies post a net gain of Rs 55,000 crore, with more than a third of the addition coming from banking leader State Bank of India (SBI).
The 10 most valued companies with a market capitalisation of over Rs 17.7 lakh crore accounted for about 30 per cent of the wealth created by over 4,000 listed entities at the Bombay Stock Exchange, information available with the bourses show.
Reliance Industries' (RIL) Diwali bonanza by way of bonus issue to investors that was announced on October 8, continued to occupy the numero-uno position with a market capitalisation of Rs 3.65 lakh crore, reflecting an increase of over Rs 17,000 crore during the week.
But the best performer of the week was State Bank of India, whose market capitalisation appreciated by over Rs 22,000 crore to over Rs 1.56 lakh crore, as it replaced NMDC from the fifth spot in the list where ONGC, MMTC and NTPC followed RIL.
While seven of the 10 entities remained firm, state-owned MMTC and corporate giants Infosys and Bharti Airtel saw a combined erosion of over Rs 4,200 crore in market capitalisation.
At the end of the week the country's most valued public sector undertaking ONGC witnessed a value surge of nearly Rs 7,600 crore taking valuation to Rs 2,64,941.83 crore.
Commodity trading firm MMTC, however, dropped to the fourth position losing Rs 2,621 crore. The market capitalisation of MMTC stood at Rs 1,75,711 lakh crore at the end of the week.
IT bellwether Infosys lost a hefty Rs 1,000 crore from its valuation, a week after posting a 7.5 per cent increase in September quarter net profit. At the end of trade on Friday, the market capitalisation of Infosys stood at Rs 1.25 lakh crore.
The scrip of telecom firm Bharti Airtel continued to remain under pressure ever since its aborted $23-billion merger deal with South African MTN and lost Rs 645 crore in market capitalisation to about Rs 1.26 lakh crore, but remained at the seventh position in the list of 10 most valued companies.
Mining firm NMDC dropped to the sixth spot from the earlier fifth despite a gain of Rs 2,498 crore in its market valuation.
Besides, state-run BHEL and software exporter Tata Consultancy Services remained at the 9th and 10th position after adding Rs 881 crore and Rs 6,967 crore, respectively to their valuation.
At the end of trade on Friday, the market capitalisation of BHEL stood at Rs 1.22 lakh crore while TCS' valuation stood at about Rs 1.19 lakh crore.
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