By Narayana Murthy, the billionaire co-founder of Infosys, continues to see his company thrive as Infosys remains one of India’s top IT firms. Last week, Infosys made a notable achievement, adding Rs 6,913.33 crore to its market capitalization, bringing it to Rs 8,03,440.41 crore over just five days, according to a report by PTI. On Monday, October 14, Infosys’ market valuation rose further to Rs 8.15 lakh crore, with its share price closing at Rs 1,966, gaining Rs 30.90.
Mukesh Ambani Reliance Still Most Valuable Company
However, despite Infosys’ growth, Mukesh Ambani’s Reliance Industries retained its position as India’s most valuable domestic company, followed by Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and LIC. Infosys still trails behind these industry giants in terms of market capitalization.
Despite Infosys’ positive momentum, last week proved difficult for many of India’s top companies. Seven of the top 10 most valued firms saw their combined market valuation drop by a total of Rs 1,22,107.11 crore, in line with a weak trend in equity markets. Tata Consultancy Services (TCS) and Reliance Industries were among the hardest hit.
TCS Market Valuation Reduced
TCS, India’s largest IT company, saw its market valuation plunge by Rs 35,638.16 crore, reducing its overall value to Rs 15,01,723.41 crore. Similarly, Reliance Industries’ market capitalization dropped by Rs 21,351.71 crore, bringing it down to Rs 18,55,366.53 crore. This decline followed a broader downturn in the market, as the BSE benchmark index fell by 307.09 points, or 0.37%, to close at 81,381.36.
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.
(With Inputs from PTI)
