BackONGC, SBI biggest losers in market cap past week
ONGC, SBI biggest losers in market cap past week
PremiumMumbai: Hit by huge losses in the market capitalisation (m-cap) of state-owned ONGC and SBI, the combined market worth of eight of the country’s top-10 firms diminished by ₹ 78,553.96 crore during last week.
Oil and Natural Gas Corporation (ONGC) suffered a loss of ₹ 26,222.55 crore from its market cap which stood at ₹ 2,34,462.93 crore as on Friday’s trade on the BSE.
Last week, the government increased the burden of fuel subsidy payable by upstream oil firms, including ONGC, from one-third to 38.8 per cent for 2010-11 fiscal.
ONGC, Oil India and GAIL have been ordered to contribute ₹ 30,296.75 crore (38.8 per cent). ONGC has been asked to chip in with ₹ 24,892.43 crore.
Similarly, the m-cap of country’s largest lender State Bank of India (SBI) eroded by ₹ 20,764.18 crore to ₹ 1,47,447.85 crore as its net profit tanked by about 99% to ₹ 20.8 crore in the quarter ended March, 2011.
In the week gone by, sentiments dampened after SBI posted a sharp dip in Q4 profits and the government increased the subsidy burden on ONGC.
Corporate leader Reliance Industries’ m-cap also dropped by ₹ 8,920.51 crore to ₹ 3,01,627.66 crore.
Maharatna PSU Coal India, too, witnessed en erosion of ₹ 13,074.86 crore from its valuation which stood at ₹ 2,31,210.36 crore, while power producer NTPC’s market cap slipped by ₹ 1,401.73 crore to ₹ 1,42,935.05 crore.
IT bellwether Infosys Technologies market valuation dipped by ₹ 1,693.71 crore to ₹ 1,63,661.48 crore, while diversified business group ITC lost ₹ 2,863.1 crore to ₹ 1,43,773.9 crore.
Top private sector lender ICICI Bank, too, saw a decline of ₹ 3,613.32 crore from its m-cap which stood at ₹ 1,20,296.56 crore.
In contrast, IT giant TCS and telecom major Bharti airtel witnessed gains in their respective m-cap.
The market worth of TCS swelled by ₹ 9,531.57 crore to ₹ 2,30,245.01 crore, while that of Bharti went up by ₹ 2,468.39 crore to ₹ 1,41,913.32 crore.
Meanwhile, in the week gone by, the BSE benchmark Sensex fell by 1.1% to settle at 18,326.09.
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