ONGC beats Infosys in market capitalisation

Experts believe that the shares of ONGC have started moving up mainly because of rise in global crude oil prices

GN Bureau | October 15, 2016


#ONGC   #HDFC   #Reliance Industries   #TCS   #ITC   #market capitalisation  

 Oil and Natural Gas Corporation Ltd (ONGC), country’s largest oil and gas exploration and production company, beat India’s second largest software exporter Infosys Ltd to become the fifth most valuable company in India by market capitalisation.

Data from BSE showed that ONGC had a market capitalisation of Rs 2.37 trillion. In the last three months, ONGC shares have gained over 19.72 percent and have gained 14.32 percent so far this calendar year, according to a news report published in Mint. Experts believe that the shares of ONGC have started moving up mainly because of rise in global crude oil prices.
 
However, there is the overhang of a follow-on public offer from the government in the near term which can keep ONGC stock prices in check. Whereas shares of Infosys fell 2.34 percent to Rs 1,027.4 and its market capitalisation stood at about Rs 2.36 trillion. The company said that its revenue for the three-month period ended September 30 totalled $2.58 billion, compared with $2.5 billion in the June quarter.
 
TCS is India’s most valuable company with a market capitalisation of Rs 4.66 trillion, followed by Reliance Industries Ltd, HDFC Bank Ltd and ITC Ltd at Rs 3.49 trillion, Rs 3.21 trillion and Rs 2.90 trillion, respectively, report added.

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