Infosys, TCS top losers in m-cap last week

Infosys, TCS top losers in m-cap last week

Mumbai: The combined market capitalisation (m-cap) of five of the country’s top-10 firms, including blue chips like Infosys and TCS, declined by 21,987.96 crore during the last week amid a sluggish broader market sentiment.

Hit by muted earnings, IT bellwether Infosys lost 14,202.34 crore from its m-cap, which stood at 1,56,782.72 crore.

Infosys’ net jumped nearly 16% to 1,722 crore and its revenues rose to 7,485 crore in the first quarter ended 30 June, 2011, which according to market experts were below street expectations.

Shares of the company also took a hit and dropped by over 8% to end the week at 2,730.55.

Similarly, the country’s largest software company TCS lost 4,589.63 crore from its market valuation which was at 2,24,696.35 crore.

Despite registering a 26.7% rise in net profit to 2,415 crore for the first quarter of 2011-12, TCS saw dip in its m-cap. Shares of the company also fell by 2% to end the week at 1,148.05 on the BSE.

The other major dampener from the coveted list was telecom giant Bharti Airtel whose m-cap diminished by 2,088.63 crore to 1,49,090.64 crore.

Power producer NTPC’s market worth slipped by 618.41 crore to 1,55,962.88 crore.

Country’s biggest lender SBI, too, saw its valuation dipping by 488.95 crore to 1,56,902.85 crore.

In contrast, Reliance Industries, ONGC, Coal India, ITC and ICICI Bank saw addition in their respective m-cap.

RIL saw its market cap surging by 6,188.09 crore to 2,85,928.9 crore and state-owned ONGC’s valuation advanced by 1,668.32 crore to 2,37,970.68 crore.

Coal India also saw its m-cap swelling by 2,273.89 crore to 2,30,926.12 crore and FMCG honcho ITC added 953.41 crore to its m-cap which was at 1,55,908.86 crore.

Private sector lender ICICI Bank saw a mild addition of 11.06 crore to its m-cap which stood at 1,22,131.54 crore.

Meanwhile, the BSE benchmark index Sensex fell by over 296 points to end the week at 18,561.92.