The combined market capitalisation (M-cap) of seven of the country’s top 10 companies advanced by Rs 31,319.21 crore during the past week.
State-run Oil and Natural Gas Corporation (ONGC) was the top gainer with its market value surging by Rs 10,993.8 crore during the week to Rs 2,35,019.04 crore, as on last Friday’s trade on the Bombay Stock Exchange.
During the week, shares of the company jumped five per cent to close at Rs 274.70. Last week, the government decided to postpone five per cent stake sale in ONGC, that would have fetched the exchequer about Rs 12,000 crore. Corporate major Reliance Industries, too, added Rs 770 crore to its market cap which stood at Rs 2,70,926 crore.
Similarly, software exporters TCS and Infosys Technologies, together added Rs 9,609.77 crore to their combined market valuations. The M-cap of TCS stood at Rs 2,01,435.02 crore, while that of Infosys was at Rs 1,37,424.24 crore.
IT companies benefitted by weakness in the rupee last week as it helps in improving their profit margins. Companies like TCS, Infosys earn a major chunk of their revenues from the US in dollar.
Power producer NTPC’s market worth accelerated by Rs 7,091.09 crore to Rs 1,41,821.91 crore while private lender HDFC Bank saw its M-cap swelling by Rs 2,544 crore to Rs 1,12,894 crore. FMCG giant ITC’s market value swollen to Rs 1,53,796.92 crore after it added Rs 310.55 crore during the week ended on Friday. In contrast, Coal India, Bharti Airtel and SBI saw losses in their M-cap.
The market cap of Coal India dropped by Rs 1,705.41 crore during the last week to Rs 2,38,916.32 crore, while Bharti lost Rs 5,506.4 crore from its M-cap which stood at Rs 1,46,527.31 crore.
SBI saw a dip of Rs 593.72 crore from its M-cap which was at Rs 1,23,540.48 crore.
The BSE benchmark Sensex rose marginally by 0.39 per cent to end the week at 16,933.83 points.
