Top-500 pvt cos’ mcap at $2.8trn
They account for 71% of GDP, more than combined GDP of Saudi Arabia, Switzerland, and Singapore; Indian economy expected to be $3.9 trn this fiscal; Mcap on BSE at Rs378.84 lakh cr ($4.56trn)
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Mumbai: Led by Reliance Industries (RIL), the top-500 private sector companies are valued at $2.8 trillion or Rs231 lakh crore, which is more than the combined GDP of Saudi Arabia, Switzerland, and Singapore, and also equivalent to 71 per cent of the nation’s GDP, according to a report.
Reliance Industries continues to retain the top slot for the third year in a row with a value of Rs15.65 lakh crore and leads the No 2, which is TCS, by at least Rs3 lakh crore, the report stated.
Thanks to the merger of HDFC twins, HDFC Bank has become the third most valued company surpassing Rs 10 lakh crore market capitalization, according to a Hurun India-Axis Bank 2023 most valued companies list. These companies have recorded 13 per cent sales growth in the year and had combined sales of $952 billion, which is again more than a quarter of the national GDP which is likely to close the current fiscal at $3.9 trillion, Anas Rahman Junaid, the managing director of Hurun India said.
Amitabh Chaudhry, the Managing Director of Axis Bank, said, these 500 companies employ 1.3 per cent or over 70 lakh of the workforce and 52 in the list are less than a decade old and the oldest is the 235-year-old EID-Parry. The top-500 private sector companies list (both listed and unlisted) excludes public sector as well as foreign companies, has a cumulative value of $2.8 trillion or Rs231 lakh crore which is more than the combined GDP of Saudi Arabia, Switzerland, and Singapore, the report said on Monday.
The list is led by Reliance with a value of Rs15.6 lakh crore (as of October 2023), followed by Tata Consultancy Services at Rs12.4 lakh crore and HDFC Bank with Rs11.3 lakh crore. Jio Financial Services is ranked 28th in the list and HCL Technologies and Kotak Mahindra Bank have returned to the top-10 list in the 2023 edition.
These 500 companies employ 70 lakh people, with an average of 15,211 employees per organization, 437 of them have women on their boards and 179 of them are led by professional CEOs. Of these, 342 companies saw an increase in value compared to 310 companies in 2022 with 18 of them doubling during the year and three of them-- HDFC Bank, Larsen & Toubro and ITC-- saw growing by Rs1 lakh crore. More than half in the list registered a value growth of over Rs1,000 crore over 2022 of which 75 added more than Rs10,000 crore.
