Business Standard

Mcap of 7 of top-10 most valued firms erode by Rs 1.22 trn; TCS, RIL lag

The valuation of Reliance Industries slumped Rs 21,351.71 crore to Rs 18,55,366.53 crore

Reliance

Reliance (Photo: Shutterstock)

Press Trust of India New Delhi

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The combined market valuation of seven of the top-10 most valued firms eroded by Rs 1,22,107.11 crore last week, with Tata Consultancy Services and Reliance Industries emerging as the biggest laggards, in line with weak trend in equities.

Last week, the BSE benchmark fell 307.09 points, or 0.37 per cent, to 81,381.36.

The market valuation of country's largest IT firm Tata Consultancy Services (TCS) tumbled Rs 35,638.16 crore to Rs 15,01,723.41 crore.

The valuation of Reliance Industries slumped Rs 21,351.71 crore to Rs 18,55,366.53 crore.

ITC's valuation dropped Rs 18,761.4 crore to Rs 6,10,933.66 crore, while that of Hindustan Unilever Ltd's mcap was down Rs 16,047.71 crore to Rs 6,53,315.60 crore.

 

The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) tanked Rs 13,946.62 crore to Rs 6,00,179.03 crore and that of ICICI Bank eroded Rs 11,363.35 crore to Rs 8,61,696.24 crore.

Also, HDFC Bank's mcap declined Rs 4,998.16 crore to Rs 12,59,269.19 crore.

However, Bharti Airtel added Rs 26,330.84 crore, taking its market valuation to Rs 9,60,435.16 crore.

The mcap of Infosys climbed Rs 6,913.33 crore to Rs 8,03,440.41 crore and that of State Bank of India was up Rs 3,034.36 crore to Rs 7,13,968.95 crore.

Reliance Industries remained the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC and LIC.

According to a report from Client Associates (CA), a leading multi-family office, the Indian stock market has remained largely unfazed by global geopolitical risks in recent years.

Both BSE Sensex and BSE 500 have delivered positive returns over the past five years, indicating a multi-year bull run, it said.

"Our findings challenge the perception that these external factors have severely impacted our economy. Indian equity markets have largely shrugged off recent geopolitical tensions, including the Russia-Ukraine war and ongoing Middle Eastern conflicts. This resilience is a testament to the underlying strength of the Indian economy," Client Associates co-founder Rohit Sarin said.

Falling inflation rate gives the Reserve Bank of India (RBI) room to potentially reduce interest rates in the future, which would further stimulate the economy, the report added.

With regard to the recent Chinese stimulus package attracting global attention, Sarin said, any investment in China markets should be tactical rather than long-term, with clearly defined entry and exit strategies.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 13 2024 | 12:25 PM IST

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