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July 3, 2001
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Money > Business Headlines > Report July 3, 2001 |
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HLL named most valuable againBS Corporate Bureau Fast-moving consumer goods company Hindustan Lever Ltd has again topped the charts as India's most valuable company, followed by Reliance Industries and Wipro, in BusinessWeek's latest ranking by market capitalisation of the top 200 emerging market companies. No Indian company figures in the ranks of the first 10 -- China Mobile (Hong Kong) tops the list, followed by Taiwan Semiconductors, Petrobras, Samsung Electronics and other Taiwanese and Chinese companies. But 13 Indian companies figure in the latest top 200 list, one more than last year's dozen. The new entrant is housing finance institution HDFC at a lowly 184 rank. HDFC made it to the list this year only because of a massive 40 per cent jump in its share price over the previous year. While HLL clearly remains the most valuable Indian company with a market capitalisation of $9.23 billion, its rank has, however, tumbled from 15 to 22, following a 23 per cent fall in its share price. HLL was followed by Reliance Industries (market cap: $8.80 billion), which improved its ranking in the list from 38 to 23, and Wipro ($8.3 billion), which managed to improve its ranking from 30 to 27. Reliance Petroleum too moved up the charts, from last year's 78th rank to the current 57th rank (market cap $5.3 billion). The rest of the Indian companies (ONGC, ITC, Indian Oil, State Bank of India, VSNL, MTNL) also performed reasonably well, considering that seven of them improved their rankings from those of a year ago. But Infosys Technologies and HCL Technologies, each with an over 40 per cent fall in their market values, predictably lost out on last year's high rankings. Infosys, for instance, was ranked 25 last year; but the slide in its share price in line with the tech meltdown has taken its ranking down to No. 58. Wipro had shed most of its high valuations much before May 31, 2000, which explains the comparatively lower fall in its share price. The top 200 list draws on data from Morgan Stanley Capital International Inc. Based on the market capitalisation of companies on May 31, 2001, BusinessWeek has come out with two broad rankings - the first is a list of the top 1000 companies in 21 developed countries while the second list ranks the top 200 emerging market companies. With 13 companies in the list, India has a relatively strong footing. Yet, with the top contenders - HLL, RIL and Wipro - currently quoting at around half the value of the No 10 company (Chunghwa Telecom of Taiwan, which has a market cap of $17.36 billion), it may be a while before we see an Indian company in the top 10. Finally, if emerging market companies were included in the Global 1000 list, five Indian companies - HLL, RIL, Wipro, RPL and Infosys - would make the list, all having a market value in excess of $5 billion. Powered by YOU MAY ALSO WANT TO READ:
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