Market cap of top firms surges by Rs 1.72 lakh crore led by TCS

The combined market valuation of seven of the top-10 most valued firms surged by Rs 1,72,225.62 crore last week, with IT giant Tata Consultancy Services (TCS) leading the rally amid a robust performance in equities.

The BSE benchmark climbed by 522.74 points, or 0.65 per cent, over the week. On Friday, the 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to close at a record high of 80,519.34. Intra-day, it soared by 996.17 points, or 1.24 per cent, reaching an all-time high of 80,893.51.

TCS's market capitalisation (mcap) surged by Rs 62,393.92 crore, reaching Rs 15,14,133.45 crore. TCS shares rallied nearly 7 per cent on Friday after the company reported an 8.7 per cent increase in net profit for the June quarter, totaling Rs 12,040 crore.

ITC added Rs 31,858.83 crore to its valuation, bringing it to Rs 5,73,258.78 crore. Infosys saw its mcap rise by Rs 26,905.14 crore to Rs 7,10,827.27 crore, while Life Insurance Corporation of India (LIC) gained Rs 22,422.12 crore, reaching Rs 6,64,947.01 crore.

Hindustan Unilever's market valuation increased by Rs 17,668.92 crore, totalling Rs 6,16,156.81 crore. Reliance Industries' valuation grew by Rs 9,066.19 crore to Rs 21,60,628.75 crore. Bharti Airtel's mcap rose by Rs 1,910.5 crore to Rs 8,15,705.36 crore.

Conversely, HDFC Bank's valuation declined by Rs 18,069.29 crore to Rs 12,35,825.35 crore. The market cap of State Bank of India decreased by Rs 356.99 crore to Rs 7,67,204.26 crore, and ICICI Bank's valuation fell by Rs 210.5 crore to Rs 8,67,668.16 crore.

Reliance Industries retained its position as the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC.

(With PTI inputs)