ITC pushes Bharti out of top 10 m-cap firms

[ Stock/Commodities ] 2010-05-17

ITC pushes Bharti out of top 10 m-cap firms

MUMBAI, May 16 (PTI): In the highly volatile trade past week, six out of the top 10 firms added nearly Rs 170 billion to their market capitalisation, with FMCG major ITC getting into the coveted club after a year replacing Bharti Airtel. Meanwhile, the four state-run companies in the top 10 m-cap list--ONGC, SBI, BHEL and NMDC--lost Rs 23.88 billion from their market valuation for the week ended May 16, led by BHEL and SBI. Consumer goods major ITC replaced the largest telco Bharti Airtel whose valuation fell by Rs a whopping 88.29 billion, pulling down its total market capitalisation (m-cap) to Rs 1004.25 billion. During the week, the shares of Bharti Airtel plunged 8 per cent, after the telecom regulator Trai recommended a steep jump in fee for spectrum beyond 6.2 Mhz, to settle at Rs 264.45 on the BSE Friday. ITC, at the end of the top 10 heap, made a come back after a year by adding Rs 35.13 billion into its m-cap, taking its total market valuation to Rs 1023.85 billion. The country's most valued firm Reliance Industries maintained its numero-uno position, as its valuation swelled by Rs 31.72 billion to Rs 3412.79 billion after the company at a favourable verdict from the Supreme Court in its tussle with the Anil Ambani promoted RNRL over gas price in the early part of the past week. State-run ONGC, the second most valued firm, lost Rs 640 million from its m-cap, while, power producer NTPC at the third place added Rs 35.46 billion in its valuation. At the end of the week, ONGC saw its m-cap decline to Rs 2235.01 billion and NTPC valuation stood at Rs 1698.15 billion. IT bellwether Infosys Technologies, at the fourth spot, added Rs 21.35 billion to its m-cap at Rs 1524.55 billion and trading firm MMTC saw its valuation swelling by Rs 2.34 billion to Rs 1502.20 billion. The country's largest software exporter TCS, at the sixth slot, added Rs 42.28 billion into its m-cap taking its market valuation to Rs 1494.81 billion, while public sector lender SBI, at the seventh spot, lost Rs 2.35 billion from its valuation to Rs 1411.11 billion, as its Q4 numbers announced Friday were way off the street expectation. State-run BHEL, at the eighth slot, saw its m-cap decline by Rs 11.97 billion to Rs 1156.42 billion and NMDC at the ninth place lost Rs 8.92 billion to settle the week at Rs 1154.32 billion. ITC which replaced Bharti Airtel stood at the tenth place.