Mumbai: The country’s 10 most valued firms continued their gaining streak by adding over Rs37,000 crore to their market capitalisation last week, with the state-run ONGC accounting for over one-third of the total gain.
The Oil and Natural Gas Corp (ONGC) added Rs10,502 crore last week to its valuation, after its shares surged nearly 7% on the Bombay Stock Exchange.
At the end of Friday’s trade, the country’s most valued PSU entity ONGC’s market cap stood at Rs1,61,495 crore, against Rs1,50,994 crore a week ago.
The elite club of top-10 firms, comprising four private entities and six public sector companies, gained Rs37,212 crore during last week, taking the total valuation to Rs10,24,177 crore.
In the previous week, the valuation of the club was at Rs9,86,966 crore.
Mukesh Ambani-led Reliance Industries, the country’s most valued firm, added Rs8,845 crore to its valuation. At the end of Friday’s trade, RIL had a market cap of Rs2,10,661 crore.
The shuffling in the premier club saw state run MMTC replacing Bhel at the sixth spot. MMTC rose one spot after adding Rs4,983 crore to its valuation, while Bhel moved down by a notch to the seventh despite adding Rs 284 crore.
"Although share pledging is not a new phenomenon, but disclosures by promoters may have given a negative trigger to blue chip stocks and the overall bearish trend is making it difficult for them to climb back to earlier levels,“ a leading analyst from a leading brokerage firm said.
Two Tata group firms Tata Steel and Tata Power, promoters of which have pledged as much as 13.53% and 14.59, respectively are also trading in the red since the disclosure of pledged shares.
Friday, Tata Power ended at Rs667.75, down 17% from 11 February when its pledged shares details were disclosed. Shares of Tata Steel have plunged over 11%.
Further, realty major Unitech’s shares were down over 10% wind power major Suzlon Energy (down 19%), Sun Pharma (down 9%) and two other ADA group firms Reliance Communications and Reliance Infrastructure are down 7% and 9% each.
However, Mahindra & Mahindra, Tata Motors, Tata Communications and TCS have managed to rise after the initial negative response from investors and are now trading in the green compared to the day when their pledge shares details were disclosed.