The country's 10 most valued firms added over Rs 42,000 crore to their market capitalisation last week, with Reliance Industries (RIL) accounting for nearly half of the total gain.
Extending their gains for the third straight week, 10 most valued firms on the Bomabay Stock Exchange added Rs 42,300 crore to their valuation last week, taking the total market cap of the club to Rs 11,57,958 crore.
Last week, valuation of the club, comprising four private and six public sector entities, was at Rs 11,15,658 crore.
Corporate behemoth RIL added Rs 18,020 crore to its market cap last week, taking its total valuation to Rs 2,61,644 crore. The valuation of Mukesh Ambani-led RIL was at Rs 2,43,624 crore a week ago.
Amid the broader market witnessing a counter rally in bear market last week, shares of RIL surged over seven per cent to end at Rs 1,662.50 on the Bombay Stock Exchange.
Besides, oil major Oil and Natural Gas Corporation (ONGC) and power utility NTPC added Rs 13,347 crore and Rs 1,360 crore, respectively to their valuation last week.
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ONGC, the most valued PSU entity, had a market cap of Rs 1,86,167 crore and NTPC was valued at Rs 1,51,469 crore at the end of trade on Friday.
Despite overall gains in the broader market, two firms in the elite club of top 10 lost a combined Rs 1,535 crore.
Power utility BHEL lost Rs 957 crore and was at the sixth place with a market cap of Rs 74,987 crore.
Diversified conglomerate ITC, which is at the ninth slot in the premier club, witnessed an erosion of Rs 578 crore from its market cap during the previous week.
Besides, telecom services provider Bharti Airtel and IT bellwether Infosys Technologies added Rs 3,085 crore and Rs 4,219 crore, respectively to their market cap last week.
Trading firm MMTC and the country's largest lender, State Bank of India, added Rs 1,999 crore and Rs 1,270 crore respectively to their valuation last week.
Mining giant NMDC added Rs 535 crore to its market cap in a week. At the end of trade last week, NMDC's valuation stood at Rs 63,732 crore.
Apart from the 10 most valued firms, two private sector lenders, ICICI Bank lost Rs 2,778 crore from its valuation, while HDFC Bank gained Rs 1,623 crore last week.
At the end of last week's trade, the private sector lender had a market cap of Rs 44,016 crore, while ICICI Bank's valuation dipped to Rs 40,105 crore.
RIL, the numero-uno in the list, is followed by ONGC (Rs 1,861,67 crore), NTPC (Rs 1,51,469 crore), Bharti Airtel (Rs 1,21,193 crore), Infosys (Rs 81,363 crore), BHEL (Rs 74,987 crore), MMTC (Rs 74,821 crore), SBI (Rs 72,716 crore), ITC (Rs 69,864 crore), NMDC (Rs 63,733 crore).
RIL has paid Rs 3,000-crore stamp duty and fees to the Registrar of Companies, the notice said.
The amalgamation of RPL with RIL would bring about greater integration and greater financial strength which would result in maximising overall shareholder value and will improve the competitive position of the combined entity.
Greater efficiency in cash management of the amalgamated entity and unfettered access to cashflow generated by combined business can be deployed more efficiently to fund organic and inorganic growth opportunities to maximise shareholder value, it said.
The move would catapult RIL to the top 20 oil refineries in the world.