 "9 new entrants in Rs 1 trn m-cap club in '23; HAL, Varun Beverages make cut")
The Bull Run in the market this year has led to the entry of nine companies into the Rs 1-trillion market capitalisation (m-cap) club. State-owned Hindustan Aeronautics (HAL), DLF and Tech Mahindra are among the firms which have seen a sharp increase in their market value so far in 2023.
Hindalco Industries is the only company to have dropped out of the club. The Birla-Group firm’s shares are down nearly 10 per cent year-to-date even as the benchmark Nifty50 index has gained close to 10 per cent.
The total number of companies with m-cap of more than Rs 1 trillion (mega-club) has now swelled to 56 from just 48 at the end of the 2022 calendar year. The share of these companies in overall m-cap has also edged higher -- from 55.5 per cent at the end of last year to nearly 57 per cent at present. The market cap of all BSE-listed companies is currently at a record of Rs 304.5 trillion.
Overall, the metals pack has underperformed in 2023 due to drop in commodity prices amid uncertain economic outlook in China.
Source: Capital Line