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A strong market rally triggered by the government's encouraging economic growth forecast helped the country's top 10 companies add over Rs70,000 crore to their market capitalisation in the past week
A strong market rally triggered by the government's encouraging economic growth forecast helped the country's top 10 companies add over Rs70,000 crore to their market capitalisation (m-cap) in the past week, reports PTI.
The country's most-valued firm, Reliance Industries Ltd (RIL), was the biggest gainer with its m-cap soaring by Rs21,314.70 crore, taking its total valuation to Rs3,53,373 crore for the week ended 26th December. Shares of RIL gained 6.40% to close at Rs1,075.20 at the end of Thursday's trade on the Bombay Stock Exchange (BSE).
On Wednesday, finance minister Pranab Mukherjee expressed hope that the economy would grow by 7.5%-8% during the current financial year.
The stock market traded only for four days, Friday being a holiday for Christmas.
RIL is followed by oil major ONGC which saw its valuation surging by Rs2,609 crore to Rs2,56,172.50 crore.
Power utility major NTPC inched up to third place by adding Rs18,840.80 crore to its valuation, while another State-run trading company MMTC Ltd slipped to fourth place from third even after adding Rs3,702.80 crore to its m-cap. The total m-cap of NTPC stood at Rs1,89,563.10 crore and MMTC at Rs1,74,566.80 crore.
The country's largest iron ore producer NMDC's valuation surged by Rs7,314.20 crore taking its total m-cap to Rs1,64,198.10 crore.
IT companies Infosys Technologies and TCS together added Rs7,807.61 crore to their market valuation. At the end of the week, the m-cap of Infosys Technologies that retained its last week ranking at the sixth position, swelled to Rs1,48,507.10 crore while TCS ranked at seventh position with Rs1,46,535.60 crore.
The country's largest State-run lender State Bank of India (SBI) which is at eighth position, added Rs4,644.10 crore to its m-cap, taking its total valuation to Rs1,40,822.70 crore.
Private telecom service provider Bharti Airtel was at ninth position rising by Rs1,446.58 crore and power equipment maker BHEL—at the 10th spot—added Rs2,420.67 crore to its m-cap. Bharti Airtel's total valuation stood at Rs1,21,844.50 crore and BHEL's m-cap stood at Rs1,15,972.20 crore.
Meanwhile, the 30-share index Sensex surged nearly 4% or 640.78 points to close at 17,360.61 points on the BSE during the past week.
RIL, the numero uno in the list, is followed by ONGC (Rs2,56,172.50 crore), NTPC (Rs1,89,563.10 crore), MMTC (Rs1,74,566.80 crore), NMDC (Rs1,64,198.10 crore), Infosys (Rs1,48,507.10 crore), TCS (Rs1,46,535.60 crore), SBI (Rs1,40,822.70 crore), Airtel (Rs1,21,844.50 crore), and BHEL (Rs1,15,972.20 crore).