M-cap of top 10 firms jumps ₹1.72L crore, TCS leads
The combined market valuation of seven out of the top 10 most valued Indian firms, experienced a significant increase last week, with a total jump of ₹1.72 lakh crore. Tata Consultancy Services (TCS), India's largest IT services provider, significantly contributed to the overall market rally. The BSE benchmark also rose by 522.74 points or 0.65% during the same period.
TCS's m-cap soars following profit growth
TCS saw its market capitalization surge by ₹62,393.92 crore to ₹15,14,133.45 crore. This increase followed a nearly 7% rise in TCS shares after the company announced an 8.7% growth in its June quarter's net profit at ₹12,040 crore.
Other top firms witnessing market gains
Several other top firms also saw a substantial increase in their market capitalization last week. ITC added ₹31,858.83 crore to its valuation, reaching ₹5,73,258.78 crore. Infosys's m-cap rose by ₹26,905.14 crore to hit ₹7,10,827.27 crore. Life Insurance Corporation of India (LIC)'s value surged to ₹6,64,947.01 crore, a ₹22,422.12 crore increase. Hindustan Unilever's m-cap rose to ₹6,16,156.81 crore, up ₹17,668.92 crore, while Reliance Industries' reached ₹21,60,628.75 crore, up by ₹9,066.19 crore. Bharti Airtel's m-cap climbed to ₹8,15,705.36 crore, up ₹1,910.5 crore.
Some firms experience valuation erosion amid market surge
Despite the overall market surge, not all firms enjoyed an increase in their valuations. HDFC Bank's valuation dipped by ₹18,069.29 crore to ₹12,35,825.35 crore. The market capitalization of State Bank of India (SBI) and ICICI Bank also saw minor declines last week. SBI's m-cap decreased to ₹7,67,204.26 crore, down by ₹356.99 crore, while ICICI Bank's fell to ₹8,67,668.16 crore, a decline of ₹210.5 crore. These fluctuations occurred amid a generally positive trend in the Indian equities market.
