Mumbai: Tata Consultancy Services (TCS) has become the country’s third most valued company in terms of market capitalisation as the software giant toppled oil & gas major ONGC to grab the coveted place during the past week.
The market cap of the country’s largest software company advanced by Rs 6,948.06 crore to Rs 2,32,642.58 crore. During the last week, the company’s counter also attracted investors as the scrip gained 3% to settle at Rs 1,188.65 on the Bombay Stock Exchange.
With a loss of Rs 11,164.9 crore from its m-cap, ONGC slipped to the fourth place. The market cap of the state-run firm stood at Rs 2,28,345.76 crore as on Friday’s trade.
Commenting on ONGC’s downfall, SMC Global Securities Strategist & Head of Research Jagannadham Thunuguntla said, “The recent hike in oil subsidy burden on upstream companies from 33 per cent to 38 per cent is definitely making ONGC investors jittery”.
Reliance Industries continued to hold the numero-uno position after it witnessed an addition of Rs 2,569.94 crore to its m-cap which stood at Rs 3,09,047.66 crore.
Coal India, the second most valued firm, saw its valuation surging by Rs 7,863.87 crore to Rs 2,55,338.85 crore.
IT major Infosys Technologies was at fifth position and added Rs 2,761.61 crore to take its market cap to Rs 1,64,295.9 crore.
Infosys was followed by ITC, NTPC, SBI, Bharti airtel and ICICI Bank.
FMCG major ITC lost Rs 1,470.24 crore from its market cap which was at Rs 1,48,300.69 crore, while power producer NTPC gained Rs 1,401.73 crore to Rs 1,45,202.55 crore.
Top lender SBI’s valuation slipped by Rs 4,435.41 crore to Rs 1,42,425.08 crore, while airtel saw its m-cap diminishing by Rs 1,727.87 crore to Rs 1,41,989.27 crore.
ICICI Bank also saw a dip of Rs 1,595.54 crore from its m-cap which stood at Rs 1,19,227.27 crore.
Meanwhile, the BSE benchmark Sensex fell by 0.58 per cent, or 107.94 points, to end the week at 18,268.54.