New Delhi:
Britannia Industries is the latest company to join the elite club of companies with market cap of Rs 1 lakh crore or above.
The cookie maker reached this milestone as its shares rose to a 52-week high of Rs 4,189 on BSE today.
The stock zoomed nearly 10 percent during early trades and held steady at that level throughout the trading session. Britannia ended the day at Rs 4,142.20, a gain of about 9 percent from the previous day’s close.
Market analysts attributed the strong buying support to good earnings figures reported by the cookie maker for the July-September period of the current fiscal year.
The profit exceeded expectations as the company reported a profit of Rs 491 crore on a sale of Rs 4,380 crore for July-September. The profit was Rs 382 crore in the same period last year.
Equity 99, a Securities and Exchange Board of India (SEBI)-registered equity advisory firm, called its earnings “excellent.” Turnover rose to Rs 4,380 crore during the reporting period from Rs 3,607 crore in the same period last year.
Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) increased their stake in Britannia during the July-September period, according to a note from Equity 99. DIIS’ stake nearly doubled at 16.12 percent from 8.74 percent , it added. .
Mukesh Ambani-led Reliance Industries with a market cap of Rs 1,761,466.13 crore leads the list of most valued companies in India.
Software exporter Tata Consultancy Services is the second most valued company at Rs 1,180,044.12 crore.
HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, State Bank of India, Bharti Airtel and HDFC are among the top 10 most valued companies in that order.
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