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Sunday, 18 October
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EconomyMarkets

TCS adds ₹1.08 lakh crore as nine of the ten most valuable firms gain

India's ten largest listed companies added about ₹3.65 lakh crore in market value last week. Larsen & Toubro was the only one to lose ground.

From the editorial desk · MumbaiPublished
TCS House, headquarters of Tata Consultancy Services, in Mumbai (file photo)
TCS House, headquarters of Tata Consultancy Services, in Mumbai (file photo)Photo: Veera.sj / Wikimedia Commons, Public domain

Key points

  1. Nine of the ten most valuable companies gained a combined ₹3.65 lakh crore in market value.
  2. TCS led with a gain of ₹1,08,542.63 crore as IT shares rallied.
  3. Larsen & Toubro was the only loser, shedding ₹9,232.26 crore.

India’s ten most valuable listed companies added about ₹3.65 lakh crore to their combined market value last week, as a rally in technology shares lifted the Sensex 3.11%. Nine of the ten gained.

Tata Consultancy Services led by a distance. Its market value rose by ₹1,08,542.63 crore to ₹8,91,134.96 crore in a week when strong September-quarter results from IT companies lifted the Nifty IT index 11.7%. Infosys, which reports on Friday, added ₹55,893.05 crore to reach ₹4,71,409.41 crore.

Bharti Airtel gained ₹61,406.53 crore, taking its value to ₹11,88,815.45 crore. Reliance Industries, still the country’s most valuable company, added ₹53,047.56 crore to ₹16,37,437.19 crore, ahead of the share sale by its digital arm Jio Platforms that opens on Wednesday.

Among the banks, HDFC Bank rose by ₹32,379.05 crore to ₹11,22,628.07 crore and ICICI Bank by ₹30,769.95 crore to ₹10,02,871.44 crore. State Bank of India added ₹3,323.07 crore. Bajaj Finance gained ₹14,786.65 crore and LIC ₹4,933.50 crore.

Larsen & Toubro was the only one of the ten to lose value, slipping ₹9,232.26 crore to ₹4,99,725.06 crore.

“Indian equity markets extended their recovery during the week,” said Ponmudi R, chief executive of Enrich Money, who credited mainly the rebound in IT stocks after strong quarterly numbers.

At the end of the week the order was Reliance, Bharti Airtel, HDFC Bank, ICICI Bank and TCS, followed by SBI, Bajaj Finance, LIC, Larsen & Toubro and Infosys.

Monday’s session will show whether the gains hold. HDFC Bank, ICICI Bank and Axis Bank all reported results on Saturday, and markets are closed on Tuesday for Dussehra.