Six of top 10 cos add Rs 1.15 lakh crore in m-cap; HDFC Bank, HUL sparkle
New Delhi: The market valuation of six of the 10 most valued firms rose by a whopping Rs 1.15 lakh crore last week, with HDFC Bank and HUL notching up the biggest gains.
The BSE Sensex on Friday posted its biggest single-day jump in over a decade at 1,921 points after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. Riding on Friday's rally, the 30-share index logged a weekly gain of 629.63 points or 1.68 per cent.
RIL, Kotak Mahindra Bank, ICICI Bank and SBI were the other firms that witnessed gains in their market capitalisation (m-cap) for the week ended Friday, whereas TCS, HDFC, Infosys and ITC suffered losses.
From the top-10 pack, HDFC Bank emerged as the biggest gainer as its market valuation zoomed by Rs 39,375.82 crore to Rs 6,56,546.37 crore.
The valuation of Hindustan Unilever (HUL) vaulted Rs 35,697.75 crore to Rs 4,26,403.03 crore.
The m-cap of Reliance Industries Ltd (RIL) climbed Rs 18,288.37 crore to Rs 7,95,179.62 crore and that of Kotak Mahindra Bank advanced Rs 10,494.42 crore to Rs 2,93,824.83 crore.
SBI added Rs 8,924.61 crore to its m-cap to reach Rs 2,69,255.53 crore and ICICI Bank gained Rs 2,655.01 crore to Rs 2,69,529.14 crore.
In contrast, the valuation of Tata Consultancy Services (TCS) tumbled Rs 28,424.3 crore to Rs 7,75,092.58 crore.
Infosys suffered an erosion of Rs 10,329.6 crore to Rs 3,45,793.87 crore and HDFC's m-cap declined by Rs 5,792.01 crore to Rs 3,54,270.94 crore.
ITC's valuation fell by Rs 2,211.29crore to Rs 2,92,566.88 crore.
In the ranking of top-10 firms, RIL emerged as the most valued firm, followed by TCS, HDFC Bank, HUL, HDFC, Infosys, Kotak Mahindra Bank, ITC, ICICI Bank and SBI.
Reliance Industries Limited on Friday raced past TCS to clinch the title of the most valued domestic firm by market valuation, helped by a rally in its share price.