M-cap of top six Sensex companies rise Rs18,234 crore

The market value of ONGC gained Rs5,219 crore to reach Rs2,33,907 crore in the shortened first trading week of the fiscal 2012-13 that saw the BSE benchmark Sensex gain 0.47% over 30 March 2012 closing

The combined market capitalisation (m-cap) of six of the top 10 BSE Sensex companies advanced Rs18,234 crore last week, led by ONGC whose value rose over Rs5,000 crore.

The market value of ONGC gained Rs5,219 crore to reach Rs2,33,907 crore in the shortened first trading week of the fiscal 2012-13 that saw the BSE benchmark Sensex gain 0.47% over 30 March 2012 closing. Last week, markets operated for three days with Thursday and Friday being public holidays.

SBI’s m-cap climbed Rs4,400 crore to Rs1,37,432 crore, followed by NTPC which added Rs4,164 crore to its value at Rs1,38,317 crore.

IT bellwether TCS saw a jump of Rs2,055 crore in its m-cap which reached Rs2,30,629 crore, while HDFC Bank gained Rs1,656 crore taking its value to Rs1,23,416 crore.

Similarly, ITC’s worth advanced by Rs740 crore to Rs1,77,595 crore.
In contrast to the gains made by these companies, RIL, Coal India, Infosys and Bharti Airtel saw erosion in value. Bharti lost Rs2,563 crore from its m-cap which was Rs1,25,318 crore as on Wednesday, while CIL’s worth slipped by Rs947 crore to Rs2,15,767 crore.

Infosys saw a decline of Rs829 crore from its value, while RIL shed Rs377 crore from its market worth. The m-cap of Infosys was Rs1,63,681 crore, while that of RIL was Rs2,44,641 crore as on 4 April 2012. RIL retained the number one position in the list of top 10 companies in terms of market value, while ONGC remained the second most valued company, followed by TCS.

State-owned Coal India was the fourth most valued firm, followed by ITC, Infosys, SBI, NTPC, Bharti and HDFC Bank.

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India likely to grow at 6.1% in 2012: Ernst & Young

Over the medium term, we expect a strong recovery in investment, which will help lift overall GDP growth over 9% by 2014, according to Ernst & Young.

India is expected to grow at 6.1% in calendar year (CY) 2012, similar to the pace recorded in the fourth quarter of 2011, according to the Ernst & Young's quarterly Rapid Growth Markets Forecast (RGMF).

Growth should be picking up in H2, 2012, provided the global economy does not experience a further shock. Over the medium term, we expect a strong recovery in investment, which will help lift overall GDP growth over 9% by 2014, it said.

“India’s domestic demand-driven growth model is acting as a catalyst for attracting foreign investments into the country. Although the ongoing global uncertainty may have prompted global investors to become more cautious, India’s inherent advantages and proven resilience to counter-act macroeconomic challenges generally outweighs these concerns,” Ernst & Young India partner & India markets leader Farokh Balsara said.

According to the forecast, in India, the biggest development will be in the lower middle class with the number of households with disposable income of $5,000 to $15,000 rising to around 150 million in 2020 from just under 100 million now. In particular, this represents opportunities for companies in the developed economy such as US and Europe for investments.

While the Purchasing Managers Index (PMI) and car sales data in January and February of 2012 have hinted at a stronger growth dynamic for India, the country will need to address rising inflation, which is still high.

As per the forecast, the country’s central bank will not be in a position to cut interest rates until core inflation (excluding food) is on a clear downtrend and that may still be some months off, particularly as the economy has recently gained considerable momentum.

The wholesale price inflation should trend down through 2012 to about 5% in Q4, reflecting the lagged impact of the weaker economy and lower food prices, the forecast said.

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