ONGC, SBI biggest losers in market cap past week

Posted By: Religare
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ONGC, SBI biggest losers in market cap past week
During last week, Rs. 78,553.96 crore diminished the combined market worth of eight of the country"s top-10 firms, after it suffered a drastic loss in the market capitalisation (m-cap) of state-owned ONGC and SBI.

From its market cap, which was at Rs 2, 34, 462.93 crore according to Friday,"s trade on the BSE, ONGC suffered a loss of Rs 26,222.55 crore. The fuel subsidy which the upstream oil firms pay was increased by the government, last week, from one-third to 38.8% for 2010-2011 fiscal, due to which an order to contribute Rs 30,296.75 crore (38.8%) has been issued to ONGC, Oil India and GAIL.

After a drop in the net profit of 99% to Rs.20.8 crore in the last week of march,2011, the m-cap of State Bank of India (SBI),largest lender of the country, decreased to Rs 1,47,447.85 crore. The list also includes, the m-cap of the reliance industries which dropped by Rs 8,920.51 crore to Rs 3, 01, 627.66 crore.Maharatna PSU Coal India and power producer NTPC's m-cap also suffered similar losses of Rs 13,074.86 crore and Rs 1,401.73 crore, respectively.

Due to a loss of Rs 2,863.1 crore the diversified business group ITC came down to Rs 1,43,773.9 crore, while the market valuation of IT bellwether Infosys Technologies dipped to Rs 1,63,661.48 crore, decreasing by Rs 1,693.71 crore. a similar decline of Rs 3,613.32 crore was seen in the m-cap of top private sector lender ICICI Bank, which stood at Rs 1,20,296.56 crore.

As a contrasrt to all the above mentioned losses, IT giant TCS and telecom major Bharti airtel enjoyed profits in their respective increament of Rs 9,531.57 crore,,made the market value of TCS Rs 2,30,245.01 crore, while the same was increased by Rs 2,468.39 crore to Rs 1,41,913.32 crore,in case of Bharti.

Read more about: ongc, sbi, bse, nse, oil and gas, bank
Story first published: Monday, May 23, 2011, 9:30 [IST]
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