RIL first Indian firm to hit Rs 8 trillion market cap, TCS not far behind
Posted on 24th August 2018 |
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Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar).
Shares of RIL have rallied 34 per cent from their recent low of Rs 945 on June 28 amid big-bang announcements during its annual general meeting (AGM) in early July. During the same period, the benchmark BSE Sensex gained 9.5 per cent.
Tata group flagship Tata Consultancy Services (TCS) also is nearing the same milestone. Currently, the technology giant is valued at Rs 7.8 trillion ($111 billion), 2.6 per cent away from the Rs 8-trillion mark.
The oil-to-telecom conglomerate added the latest Rs 1 trillion in market cap in just 23 trading sessions. RIL had first crossed Rs 7-trillion market cap on July 20. It took 181 trading days to move from Rs 6 trillion to Rs 7 trillion market cap. Currently, RIL’s market value accounts for 5 per cent of India’s total market cap. So far this year, shares of RIL have gained 38 per cent, compared to 12 per cent gain in the Sensex. The company has seen its market cap increasing by Rs 2.21 trillion this year.
TCS, on the other hand, has seen its shares soar 51 per cent this year and market value go up by Rs 2.63 trillion.
Both RIL and TCS now account for nearly a tenth of the country’s market value.
In the past two months, RIL has also seen huge buying from global exchange-traded funds (ETFs). RIL now has tenth-most weightage in the MSCI Emerging Markets Index, which is widely followed by global funds.
RIL shares saw huge spurt following its AGM on July 5, where it announced big plans for its telecom and retail verticals.
Analysts at JP Morgan say the progress in the retail and telecom business would determine how much the stock could be rerated from current levels. There is high expectation from investors that RIL could monetise the massive investments made across the consumer businesses (mostly Jio). The recent sharp improvement in Reliance Retail profitability has increased expectations about possible Reliance Retail monetisation, the brokerage firm said in recent report. Analysts at Equirus Securities remain positive on the stock on the back of a strong growth in the company’s retail, petrochemicals (petchem) and digital businesses. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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