The market capitalisation of seven of India’s top 10 most valued firms surged by Rs 1,72,225.62 crore last week, driven by Tata Consultancy Services (TCS) amid a rally in equities.
The BSE benchmark rose 522.74 points, or 0.65%, during the week. The 30-share BSE Sensex climbed 622 points, or 0.78%, closing at a record 80,519.34 on Friday. It peaked at 80,893.51, up 996.17 points or 1.24%, during trading.
TCS saw its market capitalisation jump by Rs 62,393.92 crore to Rs 15,14,133.45 crore after reporting an 8.7% increase in net profit to Rs 12,040 crore for the June quarter.
Shares of TCS surged nearly 7% on Friday following the company’s earnings announcement.
ITC added Rs 31,858.83 crore, bringing its valuation to Rs 5,73,258.78 crore.
Infosys’ market capitalisation zoomed Rs 26,905.14 crore to Rs 7,10,827.27 crore, while Life Insurance Corporation of India (LIC) saw a jump of Rs 22,422.12 crore to Rs 6,64,947.01 crore.
Hindustan Unilever’s market valuation rose Rs 17,668.92 crore to Rs 6,16,156.81 crore, and Reliance Industries increased by Rs 9,066.19 crore to Rs 21,60,628.75 crore.
Bharti Airtel’s market cap climbed Rs 1,910.5 crore to Rs 8,15,705.36 crore.
Conversely, HDFC Bank’s valuation decreased by Rs 18,069.29 crore to Rs 12,35,825.35 crore.
State Bank of India’s market capitalisation fell by Rs 356.99 crore to Rs 7,67,204.26 crore, and ICICI Bank declined by Rs 210.5 crore to Rs 8,67,668.16 crore.
Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC.