Five of the top-10 most valued firms together added 4,23,014.4 crore rupees in market valuation last week, with significant contributions coming from HDFC Bank, which recently completed the merger with its mortgage financier parent HDFC.
HDFC Bank, on Thursday, became the second most valuable company by market capitalization, surpassing IT giant Tata Consultancy Services.
Last week, the 30-share BSE Sensex increased by 623.36 points or 0.94 percent.
Among the gainers were HDFC Bank, ICICI Bank, ITC, State Bank of India, and Bajaj Finance, while Reliance, Tata Consultancy Services (TCS), Hindustan Unilever, Infosys, and Bharti Airtel experienced a reduction in market valuation.
HDFC Bank’s market valuation increased by 3,43,107.78 crore rupees, reaching a total of 12,63,070.52 crore rupees.
State Bank of India’s market capitalization soared by 27,220.07 crore rupees to reach 5,48,819.01 crore rupees, and ICICI Bank’s valuation surged by 24,575.78 crore rupees to total at 6,97,413.50 crore rupees.
ITC added 21,972.81 crore rupees, bringing its valuation to 6,09,924.24 crore rupees. Meanwhile, Bajaj Finance saw an increase of 6,137.96 crore rupees, reaching a total of 4,59,425.99 crore rupees.
However, Reliance Industries experienced a decline of 1,37,138.56 crore rupees in its market valuation, totaling at 17,15,895.17 crore rupees.
Reliance announced the demerger of its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was subsequently renamed JFSL (Jio Financial Services Ltd).
On account of the demerger of its financial services business Reliance Strategic Investments Ltd., NSE and BSE conducted a special pre-open session for Reliance Industries Ltd on Thursday.
TCS, on the other hand, saw a decrease in market capitalization by 52,104.89 crore rupees, totaling at 12,32,953.95 crore rupees, and Infosys experienced a decline of 39,406.08 crore rupees, reaching a total valuation of 5,52,141.59 crore rupees.
Shares of Infosys plummeted over 8 percent on Friday due to lower-than-expected net profit growth for the June quarter and a reduced FY24 growth outlook.
Hindustan Unilever’s valuation decreased by 17,163.77 crore rupees to reach 6,11,786.57 crore rupees, and Bharti Airtel’s valuation dipped by 390.94 crore rupees to total at 4,94,726 crore rupees.
In the ranking of top-10 firms, Reliance remained the most valued company, followed by HDFC Bank, TCS, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, Bharti Airtel, and Bajaj Finance.