India's billion dollar club adds 51 firms; $500 bn

The rally in the stock market and the recent appreciation in rupee value has brought 51 new members to the elite billion-dollar market-value club, while doubling its overall valuation since October when the benchmark index had dropped below the 8,000-level.     

The country boasts of as many as 144 companies with a market capitalisation of at least a billion dollars at present. The number represents a increase of 51 companies from just 93 in October 2008.     

Interestingly, the cumulative market value of the club currently stands at about $900 billion (Rs 42,34,171.25 crore) as on June 5, more than double of its value in October last year of $410 billion (about Rs 20,41,029.8 crore).     

However, when compared to the historic high achieved by the market in January last year, the billion-dollar club has shrunk in size and in value as well.     

On October 27, the Sensex had plunged to a 52-week low of 7,697 points, hitting the investor confidence severely.     

However, the size of this elite club has shrunk by 81 companies since January 10, when the Indian stock market benchmark Sensex had hit its all-time high of 21,206.77 points. As of January 10, 2008, India hosted 226 companies with a market value of at least a billion dollar.     

In value terms as well, the club had been at a high of $1,579 billion (Rs 61,99,628 crore) on January 10.