Mumbai, July 19 (IANS) The combined market valuation of five of India’s 10 most-valued companies surged by Rs 1.54 lakh crore last week with IT major Tata Consultancy Services (TCS) emerging as the biggest wealth creator amid a positive trend in domestic equities.
The broader market remained upbeat during the week, with the Sensex gaining 582.06 points, or 0.75 per cent, while the Nifty advanced 127.4 points, or 0.52 per cent.
Among the top-10 firms by market capitalisation, Reliance Industries, ICICI Bank, State Bank of India, TCS and Bajaj Finance registered gains in their valuations.
On the other hand, HDFC Bank, Bharti Airtel, Life Insurance Corporation of India (LIC), Larsen & Toubro and Hindustan Unilever witnessed a decline in their market capitalisation.
TCS recorded the largest increase in valuation, adding Rs 72,072.3 crore to take its market capitalisation to Rs 8,20,672.70 crore.
The surge came after the country’s largest IT services company reported a 4.61 per cent year-on-year rise in its June-quarter consolidated net profit to Rs 13,349 crore and expressed confidence that demand, which was affected by the West Asia crisis, would improve in the current quarter.
ICICI Bank’s market valuation rose by Rs 29,062.06 crore to Rs 10,34,441.77 crore, while Reliance Industries added Rs 23,884.93 crore to reach a market capitalisation of Rs 17,95,091.26 crore.
Bajaj Finance saw its valuation increase by Rs 21,946.5 crore to Rs 6,57,274.28 crore, while State Bank of India gained Rs 7,338.34 crore, taking its market capitalisation to Rs 9,63,768.78 crore.
Among the laggards, Larsen & Toubro recorded the sharpest decline, with its market valuation falling by Rs 18,097.72 crore to Rs 5,24,840.68 crore. LIC’s valuation dropped by Rs 12,080.75 crore to Rs 5,48,124.30 crore.
Bharti Airtel’s market capitalisation declined by Rs 7,706.45 crore to Rs 11,91,067.77 crore, while HDFC Bank lost Rs 7,084.61 crore in valuation, taking its market capitalisation to Rs 12,62,369.81 crore. Hindustan Unilever also witnessed a marginal decline of Rs 1,221.79 crore, with its valuation settling at Rs 5,03,775.86 crore.
At the end of the week, Reliance Industries retained its position as India’s most-valued listed company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, LIC, Larsen & Toubro and Hindustan Unilever.
–IANS
pk
