Nine of the top 10 valued companies combined added Rs 79,798.3 crore in market valuation in the last week ending Nov. 25, with IT majors Tata Consultancy Services (TCS) and Infosys the biggest gainers. It comes amid the layoffs recently announced by the IT companies.
Last week, the 30-stock BSE Sensex climbed 630.16 points, or 1 percent. The barometer came in at 62,293.64, setting a new all-time high on Friday.
Apart from Adani Enterprises, all the top 10 most valued companies including Reliance Industries, HDFC Bank, ICICI Bank and Hindustan Unilever Limited saw their valuation increase. The market valuation of TCS rose Rs 17,215.83 crore to Rs 12,39,997.62 crore. Infosys added Rs 15,946.6 crore bringing the valuation to Rs 6,86,211.59 crore.
The market valuation of Reliance Industries climbed Rs 13,192.48 crore to Rs 17,70,532.20 crore and that of Hindustan Unilever climbed Rs 12,535.07 crore to Rs 5,95,997.32 crore.
The market cap of ICICI Bank (mcap) zoomed Rs 6,463.34 crore to Rs 6,48,362.25 crore and that of Bharti Airtel gained Rs 5,451.97 crore to Rs 4,71,094.46 crore. State Bank of India mcap grew Rs 4,283.81 crore to Rs 5,42,125.54 crore and that of HDFC advanced Rs 2,674.47 crore to Rs 4,87,908.63 crore.
The market capitalization of HDFC Bank rose Rs 2,034.73 crore to Rs 9,01,523.93 crore. However, the valuation of Adani Enterprises fell Rs 13,281.01 crore to Rs 4,44,982.34 crore. Reliance Industries topped the list of the most valued companies, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, HDFC, Bharti Airtel and Adani Enterprises.
The IT sector worldwide is on a wave of layoffs, Amazon recently started laying off workers across the company amid an “unusual and uncertain macroeconomic environment” and plans to lay off 10,000 or 3 percent of its workforce to delete.
Twitter and Meta also laid off employees. Mark Zuckerberg, CEO of Facebook’s parent company Meta Platforms, said on Nov. 9 that the company has decided to shrink the size of its team by about 13 percent and let go of more than 11,000 employees. Twitter also laid off 50 percent of its employees.
Google and HP are now also planning layoffs. Alphabet, Google’s parent company, is reportedly preparing to lay off about 10,000 “underperforming” employees, or 6 percent of its workforce. US technology giant HP CEO Enrique Lores has also said the company will cut its workforce by 4,000 to 6,000 over the next three years and expects to reduce it by 4,000 to 6,000 people. He added that while these are difficult decisions, he is doing what is best for the business of the company.
(With input from PTI)
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