Mukesh Ambani-led Reliance Industries Limited (RIL) is the country’s ‘most valuable company’ with a market capitalisation (mcap) of 15.64 trillion, according to a study by Axis Bank’s private banking unit Burgunddy Private, and Hurun India.

FILE PHOTO: Labourers rest in front of an advertisement of Reliance Industries Limited at a construction site in Mumbai.

The latest edition of the annual Burgundy Private and Hurun India 500 report is based on data from October 2022-October 2023, with Reliance Industries topping the list for the third consecutive time.

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The top 10

Tata Consultancy Services (TCS) and HDFC Bank are the second and third most valuable companies, respectively, with a market value of 12.36 trillion and 11.25 trillion. Rounding off the top five were ICICI Bank ( 6.47 trillion) and Infosys ( 5.71 trillion).

Bharti Airtel, ITC, Larsen & Toubro, HCL Technologies, and Kotak Mahindra Bank, in that order, rounded off the top 10, with their mcaps being 5.55 trillion, 5.36 trillion, 4.02 trillion, 3.43 trillion, and 3.41 trillion, respectively.

Key points

(1.) The list, as its name suggests, is a compilation of the 500 most valuable private firms in the country. These have a combined value of 231 trillion and employ about 1.3% of the national workforce.

(2.) The top 10 companies have a combined value of 73.3 trillion, which remained unchanged from the year ago period. The figure is equal to 28% of the Indian GDP.

(3.) Suzlon Energy, which registered a 436% yearly growth, was the fastest-growing firm in the list, followed by Jindal Stainless and JSW Infrastructure.

(4.) HDFC, which came seventh last year, missed out owing to its merger with HDFC Bank, while Adani Total Gas and Adani Enterprises dropped out of top 10. L&T, HCL, and Kotak Mahindra came in.

(5.) Serum Institute of India (SII) ranked as the most valuable unlisted company. Also, 437 of these 500 firms have women representation on their boards.

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