HCL Technologies' market capitalisation stood at ₹2.21 trillion, with its shares trading at a record high of ₹810.95 on the BSE
The IT major's shares have risen nearly 43.3% so far this year
HCL Technologies Ltd on Thursday replaced ITC Ltd, India's largest cigarette maker, to become the nation's 10th most valued firm by market capitalisation on BSE.
According to BSE, HCL Technologies' market capitalisation stood at ₹2.21 trillion, with its shares trading at a record high of ₹810.95 on the BSE. The IT major's shares have risen nearly 43.3% so far this year.
ITC has a market cap of ₹2.20 trillion. The stock was trading at ₹178.65 on BSE, down 1.11%. Currently, Reliance Industries Ltd is the country’s most valued company with a market cap of ₹15.71 trillion, followed by Tata Consultancy Services Ltd ( ₹9.31 trillion) and HDFC Bank Ltd ( ₹5.95 trillion).
Hindustan Unilever Ltd is number four ( ₹5.04 trillion), followed by Infosys Ltd ( ₹4.27 trillion), HDFC Ltd ( ₹3.17 trillion), Bharti Airtel Ltd ( ₹2.63 trillion), Kotak Mahindra Bank Ltd ( ₹2.62 trillion), and ICICI Bank Ltd ( ₹2.58 trillion).
On Monday, HCL Technologies provided a surprising mid-quarter update, guiding for above-expected revenue growth of at least 3.5% quarter on quarter constant currency and operating margin in the range of 20.5-21% for second quarter of fiscal year 2021.
"This bold announcement indicates good market share gains, operational efficiency, impressive pipeline conversion across life sciences, telecom and BFSI, strong execution capability and sets the stage for an FY21 guidance upgrade," said BoB Capital in a 14 September report to its investors The brokerage firm has upgraded FY21-23 earnings per share estimates by 3-5% and raised its September 2021 target price to ₹920 from ₹810.
ITC reported a 26% drop in June quarter net profit. Revenues were down 17.4% to ₹9,501 crore. However, its FMCG-others segment (excluding cigarettes) including wheat flour, health and hygiene products, packaged noodles and cookies, reported a 19% comparable growth during the first quarter.
On 4 September, Mint reported ITC chairman Sanjiv Puri saying the near-term demand outlook remains uncertain amid surging covid-19 cases and a weak economy, even as the hotels-to-packaged goods conglomerate boosts digital capabilities and launches new products.
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