M-cap of 4 out of top 10 biggies add ₹82,481 cr last week; HDFC Bank top gainer

As per a PTI report, four of the 10 most valued firms together added ₹82,480.67 crore in market valuation last week.

Leading private bank, HDFC Bank recorded an addition of ₹33,432.65 crore in market valuation – taking the total to ₹9,26,187.54 crore as of January 20. This was the most upside in a market cap among the top 10 most valued companies.

The strong rally in HDFC Bank comes after the bank beats street estimates in Q3 earnings with net profit rising by 18.50% YoY to ₹12,259.50 crore. Net interest income also climbed by 24.60% YoY to ₹22,987.9 crore in Q3. The bank trimmed its provisions in Q3, while gross NPA was unchanged sequentially but lower from a year ago same period.

Meanwhile, Adani Group-backed Adani Total Gas which is the new entrant in the biggies list, surged by ₹22,667.1 crore – taking its market valuation to ₹4,30,933.09 crore.

HDFC Bank’s parent HDFC also witnessed an upside of ₹ ₹17,144.18 crore in market cap to ₹4,96,067.07 crore. While Infosys advanced by ₹9,236.74 crore taking the total market cap to ₹6,41,921.69 crore.

Among the laggards, FMCG giant Hindustan Unilever (HUL) took the most beating with the company’s market cap declining by ₹17,246 crore to ₹5,98,758.09 crore. HUL was in focus due to its Q3 earnings as well. The company posted an 11.6% YoY growth in standalone PAT to ₹2,505 crore in Q3FY23, while revenue stood at ₹14,986 crore in Q3FY23 up by 16% YoY.

Heavyweight Reliance Industries (RIL) market cap tanked by ₹16,676.24 crore to ₹16,52,604.31 crore also amidst its Q3 earnings. RIL announced its Q3 results on Friday and investors were cautious. In Q3FY23, RIL garnered a consolidated net profit of ₹15,792 crore declining by 14.8% YoY, however, revenue from operations climbed by 15% YoY to ₹2.20 lakh crore in the quarter.

Meanwhile, the largest life insurer of India, LIC saw its market cap tumble by ₹8,918.25 crore to ₹4,41,864.34 crore, and the largest public sector bank, State Bank of India saw its market cap down by ₹7,095.07 crore to reach ₹5,28,426.26 crore.

Further, IT-giant TCS’ market cap dropped by ₹4,592.11 crore to ₹12,30,045 crore, and ICICI Bank’s dipped by ₹1,960.45 crore to ₹6,07,345.37 crore.

In the week between January 16 to 20th, the 30-share BSE benchmark Sensex surged 360.59 points or 0.59%. The week faced volatility with more selloffs than buying due to feeble global cues and Q3 earnings. Sensex closed at 60,621.77 lower by 236.66 points or 0.39% on Friday.

The top 10 most valued companies list is led by RIL followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India (SBI), HDFC, LIC, and Adani Total Gas