RIL bonus, SBI’s gain push top 10 cos kitty up by Rs55k cr

RIL bonus, SBI’s gain push top 10 cos kitty up by Rs55k cr

Mumbai: It was possibly the Reliance effect that fired up stock markets last week, helping the top 10 listed companies post a net gain of Rs55,000 crore, with more than a third of the addition coming from banking leader SBI.

The 10 most valued companies with a market capitalization of over Rs17.7 trillion accounted for about 30% of the wealth created by over 4,000 listed entities at the Bombay Stock Exchange, information available with the bourses show.

Reliance Industries’ Diwali bonanza by way of bonus issue to investors that was announced on 8 October, continued to occupy the numero-uno position with a market capitalization of Rs3.65 trillion, reflecting an increase of over Rs17,000 crore during the week.

But the best performer of the week was State Bank of India (SBI), whose market capitalization appreciated by over Rs22,000 crore to over Rs1.56 trillion, as it replaced NMDC from the fifth spot in the list where ONGC, MMTC and NTPC followed RIL.

While seven of the 10 entities remained firm, state-owned MMTC and corporate giants Infosys and Bharti Airtel saw a combined erosion of over Rs4,200 crore in market capitalization.