HCL Now Among Top 10 Most Valuable Publicly Traded Companies In The Country

HCL Becomes One Of The Top 10 Publicly traded Firms In India

Highlights:

  • HCL now amongst the top 10 public traded companies in India
  • HCL Technologies Limited replaced ITC Limited to secure a place on the lits
  • HCL Technologies’ market capitalisation stood at Rs 2.21 trillion or 2.21 lakh crore

On Thursday, HCL Technologies Limited replaced ITC Limited, India’s biggest cigarette manufacturer, and become India’s 10th most valued company in terms of market capitalisation on the Bombay Stock Exchange (BSE).

According to the BSE, HCL Technologies’ m-cap stood at Rs 2.21 trillion or Rs 2.21 lakh crore with the company’s shares traded at a record high of Rs 810.95 on the BSE. The share of the Indian IT giant rose by 43.3% so far in 2020.

The Indian tobacco manufacturer, ITC, has a market cap of Rs 2.20 trillion or Rs 2.20 lakh crore. The stock was trading at Rs 178.65 on the BSE, which is a low of 1.11%.

As of now, Mukesh Ambani led Relaince Industries is India’s most valued company in terms of market capitalisation. RIL’s m-cap stands at Rs 15.71 trillion or Rs 15.71 lakh crore, followed by the Tata Consultancy Services (TCS) Limited at Rs 9.31 trillion or Rs 9.31 lakh crore and on third is HDFC Bank Limited at Rs 5.95 trillion or Rs 5.95 lakh crore.

From rank 4 to rank 9 are as follows:

4. Hindustan Unilever Limited Rs 5.04 trillion or Rs 5.04 lakh crore

5. Infosys Limited Rs 4.27 trillion or Rs 4.24 lakh crore

6. HDFC Limited Rs ₹3.17 trillion

7. Bharti Airtel Limited Rs2.63 trillion

8. Kotak Mahindra Bank Limited Rs 2.62 trillion

9. ICICI Bank Limited Rs 2.58 trillion

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At the beginning of this week, HCL Technologies Limited provided a surprising mid-quarter update which was guiding for an above-expected revenue of at least 3.5% quarter-on-quarter with constant currency. Additionally, it showed that the operating margin was in the range of 20.5% to 21% for the second quarter of the Fiscal Year 2021.

The BoB Capital said, “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,” in a 14 September report to its investors.

The brokerage firm has also upgraded FY21-23 earnings per share estimates by 3-5% and raised its September 2021 target price to Rs 920 from Rs 810.

On the contrary, ITC has reported a drop of 26% in the Net Profit for the quarter which ended in June 2020. The revenues were also down 17.4% to Rs 9,501 crore. Having said this, the company’s FMCG-other segment (excluding tobacco) which includes wheat flour, health and hygiene products, cookies, and packaged noodles reported a 19% comparable growth during the first quarter.

On the 4th of September, a leading news agency in the country reported that Chairman of ITC Mr. Sanjiv Puri said 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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Aishwarya Chopra

A news content writer with a bachelor’s degree in Mass Communications and has over 4 years of experience. Aishwarya is fluent in multiple languages and covers different domains of news for XploringIndia.in. In the past, she has worked as a freelancer and curated multiple articles for various websites.

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