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RCom out of top 10 most valued club amid mkt meltdown

Posted by Yogesh on Sunday, 21 September, 2008

Old Horses of India Inc

MUMBAI: Anil Ambani Group company Reliance Communications has lost its position in the elite club of country’s top 10 most valued firms amid meltdown in the stock market following the global financial turmoil.

Engineering and construction major Larsen & Toubro moved ahead of RCom to enter the list of top 10 firms with a market capitalisation of Rs 77,375.03 crore, while the ADA Group firm has a valuation of Rs 77,204 crore as on the week ended September 19.

RCom suffered a fall of Rs 3,529.47 crore in its market capitalisation in the past five trading sessions and is at the 11th place in terms of market value.

Reliance Industries has maintained its position as the country’s most valued firm, with an increase of Rs 17,510.41 crore in its marketcap, which stood at Rs 2.98 lakh crore last week.

Public sector ONGC, country’s second most valued firm, recorded the second biggest gain of Rs 10,544.63 crore, while PSU power utility NTPC saw a jump of Rs 7,627.05 crore in its market cap.

Leading telecom firm Bharti Airtel gained Rs 3,872.12 crore in the same period, while country’s largest lender SBI gained Rs 3,320.42 crore. BHEL increased Rs 682.88 crore in its valuation.

State-run NMDC bore the brunt of the meltdown on the bourses facing maximum loss of Rs 24,224.32 crore in its market capitalisation thereby sliding to the eighth position on Friday from sixth place in the previous week.

The valuation of another PSU MMTC also declined by as much as Rs 5,328.50 crore, while IT major Infosys saw its marketcap sinking by Rs 1,158.99 crore.

Meanwhile, the country’s top 10 firms, in terms of market capitalisation, gained Rs 9,486.59 crore from its total in the previous week.

At the end of Friday’s trade, the total market value of the 10 most valued firms, comprising six public sector firms and four private sector entities, stood at about Rs 13.78 lakh crore, up from Rs 13.69 lakh crore a week ago.

RIL (2.98 lakh crore) tops the list, followed by ONGC (Rs 2.29 lakh crore), Bharti Airtel (Rs 1.51 lakh crore), NTPC (Rs 1.50 lakh crore), MMTC (Rs 1.08 lakh crore), SBI (Rs 99,333 crore), Infosys (Rs 92,939 crore), NMDC (Rs 86,430 crore), BHEL (Rs 83,742 crore) and L&T (Rs 77,375 crore).

Source Economic Times


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