Nine of top-10 cos lose Rs 400b in m-cap, RIL lone gainer
Monday, 10 May 2010
MUMBAI, May 9 (PTI): Volatile trade this past week saw nine of the top-10 firms lose a sum of over Rs 400 billion from their market capitalisation, with Reliance Industries Ltd being the sole exception to the trend by adding to its kitty.
The country's most valued firm, Reliance Industries Ltd, the numero-uno in the list, saw its market capitalisation (m-cap) swell by Rs 4.42 billion, taking its total valuation to Rs 3381.07 billion for the week ended May 8.
Yesterday, the Supreme Court gave a landmark judgement in the case related to RIL-RNRL gas price tussle, rejecting a plea for cheap gas by the RNRL saying a national asset should be priced only by the government.
Prior to the judgement being delivered, RIL's shares witnessed a consistent downfall after closing at Rs 1,032.50 on April 30. The company's share price dwindled to Rs 1,023.55 Monday and then declined further over the course of the next few days' trade to settle at Rs 1,010.90 on May 6.
However, once the ruling was made in its favour, shares of RIL surged 2.27 per cent to close at Rs 1,033.85 on the BSE. As a result, for the entire week, shares of RIL had gained 0.13 per cent to close at Rs 1,033.85 by the end of Friday's trade.
Meanwhile, the Bombay Stock Exchange benchmark index Sensex fell 789.6 points during the week, or 4.49 per cent, to settle at 16,769.11 points at the end of Friday's trade.
State-run firms -- ONGC and NTPC -- together lost Rs 64.88 billion from their market valuation.
ONGC, the second most valued firm, saw its m-cap fall by Rs 21.07 billion to Rs 2235.65 billion and NTPC, at third place, witnessed a value erosion of Rs 43.70 billion from its m-cap, taking its total valuation to Rs 1662.69 billion.
IT bellwether Infosys Technologies, at 4th spot, lost Rs 66.85 billion from its m-cap, taking its total valuation to Rs 1503.21 billion, while trading firm MMTC, at 5th place, saw its valuation eroded by Rs 64.58 billion to Rs 1499.86 billion.
Top software outsourcing firm TCS, at 6th spot, witnessed a value erosion of Rs 46.68 billion, reducing its m-cap to Rs 1452.53 billion. Public sector lender, SBI, saw its valuation fall by Rs 45.46 billion to Rs 1413.47 billion.
Power equipment maker BHEL, at 8th spot, lost Rs 51.55 billion and NMDC, at 9th place, saw its m-cap fall by Rs 19.82 billion. At the end of the week, BHEL's m-cap stood at Rs 1168.39 billion and NMDC's valuation fell to Rs 1163.24 billion.
Private telecom services provider Bharti Airtel, ranked the 10th largest firm by m-cap, witnessed a value erosion of Rs 40.63 billion, reducing its total market capitalisation to Rs 1092.55 billion.
The country's most valued firm, Reliance Industries Ltd, the numero-uno in the list, saw its market capitalisation (m-cap) swell by Rs 4.42 billion, taking its total valuation to Rs 3381.07 billion for the week ended May 8.
Yesterday, the Supreme Court gave a landmark judgement in the case related to RIL-RNRL gas price tussle, rejecting a plea for cheap gas by the RNRL saying a national asset should be priced only by the government.
Prior to the judgement being delivered, RIL's shares witnessed a consistent downfall after closing at Rs 1,032.50 on April 30. The company's share price dwindled to Rs 1,023.55 Monday and then declined further over the course of the next few days' trade to settle at Rs 1,010.90 on May 6.
However, once the ruling was made in its favour, shares of RIL surged 2.27 per cent to close at Rs 1,033.85 on the BSE. As a result, for the entire week, shares of RIL had gained 0.13 per cent to close at Rs 1,033.85 by the end of Friday's trade.
Meanwhile, the Bombay Stock Exchange benchmark index Sensex fell 789.6 points during the week, or 4.49 per cent, to settle at 16,769.11 points at the end of Friday's trade.
State-run firms -- ONGC and NTPC -- together lost Rs 64.88 billion from their market valuation.
ONGC, the second most valued firm, saw its m-cap fall by Rs 21.07 billion to Rs 2235.65 billion and NTPC, at third place, witnessed a value erosion of Rs 43.70 billion from its m-cap, taking its total valuation to Rs 1662.69 billion.
IT bellwether Infosys Technologies, at 4th spot, lost Rs 66.85 billion from its m-cap, taking its total valuation to Rs 1503.21 billion, while trading firm MMTC, at 5th place, saw its valuation eroded by Rs 64.58 billion to Rs 1499.86 billion.
Top software outsourcing firm TCS, at 6th spot, witnessed a value erosion of Rs 46.68 billion, reducing its m-cap to Rs 1452.53 billion. Public sector lender, SBI, saw its valuation fall by Rs 45.46 billion to Rs 1413.47 billion.
Power equipment maker BHEL, at 8th spot, lost Rs 51.55 billion and NMDC, at 9th place, saw its m-cap fall by Rs 19.82 billion. At the end of the week, BHEL's m-cap stood at Rs 1168.39 billion and NMDC's valuation fell to Rs 1163.24 billion.
Private telecom services provider Bharti Airtel, ranked the 10th largest firm by m-cap, witnessed a value erosion of Rs 40.63 billion, reducing its total market capitalisation to Rs 1092.55 billion.