Reliance Industries (RIL) has retained its position as India's most valuable company for the fourth consecutive year, as per the latest report released by Axis Bank's private banking unit Burgundy Private and Hurun India. The Mukesh Ambani-led company was followed by Tata Consultancy Services and HDFC Bank.
The 2024 Burgundy Private and Hurun India 500 report recorded the total market capitalization of Reliance Industries at Rs 17.5 lakh crore, higher than Tata Consultancy Services and HDFC Bank which were ranked second and third with a market value of Rs 16.1 lakh crore and Rs 14.2 lakh crore respectively.
The report said that the value of Reliance Industries rose 12 percent over the year to Rs 17.5 lakh crore, maintaining its position as the most valuable company, followed by Tata Consultancy Services (up by 30 percent) and HDFC Bank (up by 26 percent).
Motilal Oswal Financial Services led the 2024 Burgundy Private Hurun India 500 as the fastest-growing company, with a year-on-year value growth of 297 percent. It was closely followed by Inox Wind and Zepto, both nearly tripling their valuations over the year, report added.
The report further said that Bharti Airtel for the first time entered the top five list by climbing two spots. Its valuation increased 75 percent to Rs 9.74 lakh crore.
National Stock Exchange took a position in the top 10 for the first time since the inception of the 2024 Burgundy Private Hurun India 500. The NSE was valued at Rs 4.7 lakh crore, report added.
On the unlisted side, NSE, Serum Institute of India, Zoho Corporation, Zerodha, Megha Engineering & Infrastructure, Parle Products, Intas Pharmaceuticals, Dream 11, Razorpay, and Amalgamations were the top 10 companies in the 2024 Burgundy Private Hurun India 500.
The combined value of the 2024 Burgundy Private Hurun India 500 companies amounted to Rs 324 lakh crore (US$3.8 trillion). Over the same period last year, BSE SENSEX increased by 27 percent, NIFTY 50 grew by 30 percent on-year, whilst the S&P BSE 500 rose by 38 percent, report said.
"By rethinking strategies, innovating, and adapting to new realities to stay ahead of the curve, the companies featured on this year’s list have seized growth opportunities to emerge as exemplary leaders in their respective industries. With capital markets becoming more dynamic than ever, these companies have demonstrated vision, resilience, and agility to create immense value for their stakeholders," said Amitabh Chaudhry, Managing Director and Chief Executive Officer at Axis Bank.
The report said that 364 companies saw an increase in value compared to 342 last year. Among these, 65 companies doubled their value, up from 45 in 2023. Additionally, 17 companies experienced a valuation increase of over Rs 1 lakh crore, a significant rise from 2 companies last year.
A record of 82 new companies debuted on the list, 21 more than last year.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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