The country's top corporate house Tata group's stock market wealth today crossed the $100 billion mark, as some of its companies including IT giant Tata Consultancy Services (TCS) gained value despite an overall weak market.
The cumulative market capitalisation of all the listed companies of Ratan Tata-led salt-to-software conglomerate today rose to Rs 4,47,351 crore, based on their share prices at the Bombay Stock Exchange.
Taking into account today's RBI reference rate for one US dollar at Rs 44.5855, this translates into total market valuation of $100.33 billion for the Tata group.
The group's total market value stood at Rs 446,420 crore ($99.8 billion) yesterday.
The Tata group comprises of nearly 100 operating companies, but only about 30 of them are listed in the stock market. These include TCS, Tata Steel, Tata Motors, Tata Power, Indian Hotels, Titan, Voltas and Tata Communications.
TCS alone accounts for more than half of the group's total market value with a market capitalisation of $52 billion (Rs 2,32,194 crore).
In an overall weak stock market today, when benchmark Sensex fell by 83 points, some of the Tata group companies managed to add value to their stocks. These included Rallis, Indian Hotels, Tata Communications, Tata Global Beverages, Tata Investment Corp, Trent and TCS.
Tata group crossing the $100-billion mark of market valuation today, coincided with TCS's Annual General Meeting.
Incidentally, Tatas had crossed Rs 1,00,000 crore market value mark with TCS's listing on August 25, 2004, becoming the country's most valued business house at that time.
Also, earlier in January this year, the Tata group's market value had briefly crossed $100-billion mark, but a subsequent fall in the market brought down their valuation.
Way back in September 2007, the Mukesh Ambani-led Reliance Industries (RIL) had become the first business house in the country to attain a market cap of $100 billion.
About month later, RIL alone had attained a market cap of $100 billion on October 18, 2007, but a high rupee valuation was also a key factor at that time.
RIL's market cap at that time had risen to Rs 4,07,748 crore, which was equivalent to $103 billion at that time's forex rates.
At the end of today's market, RIL had a market value of Rs 2,82,217 crore, while its group valuation, after taking into account another listed company, RIL was Rs 283,014 crore ($63.5 billion).
RIL shares today fell by about 4%, thus becoming a major drag for the benchmark Sensex.
