Mumbai: Buoyed by a smart uptick in the value of Infosys stock, the combined market capitalisation (m-cap) of top four Indian companies rose by Rs 29,268 crore on the BSE last week.
While TCS, ONGC, SBI and Infosys saw rise in their m-cap, RIL, CIL, ITC, HDFC Bank, ICICI Bank and NTPC suffered a cumulative erosion of Rs 24,546 crore.
Infosys m-cap soared Rs 20,920 crore at Rs 1,55,767 crore last week following a sharp rally in its stock price that zoomed nearly 17 percent on Friday after stronger-than- expected quarterly profit, and upward revision in the 2012-13 sales forecast.
Infosys net profit at Rs 2,369 crore in the October- December quarter of the current fiscal was marginally lower than Rs 2,372 crore logged in the same period a year ago.
The company has raised its sales forecast for FY13 to be "at least USD 7.45 billion" (from USD 7.34 billion stated earlier), including USD 104 million in additional revenue from acquired Swiss firm Lodestone. This is about 6.5 percent growth over last year.
"Infosys surprised the street with better-than-expected results for Q3, FY'13 and also raised its full year guidance, contrary to expectations of reducing it. Revision of guidance indicates that the management is confident about growth prospects in the short to medium-term versus last few quarters," Angel Broking said in a report.
Besides, ONGC added Rs 6,203 crore to its m-cap which was at Rs 2,49,820 crore, while TCS's value moved up by Rs 1,732 crore to Rs 2,55,681 crore. The m-cap of SBI rose by Rs 413 crore to Rs 1,67,154 crore.
Meanwhile, RIL value dipped Rs 6,957 crore at Rs 2,71,541 crore, while ITC shed Rs 6,808 crore at Rs 2,15,470 crore.
NTPC's m-cap slipped Rs 5,071 crore at Rs 1,25,702 crore, value of HDFC Bank tanked Rs 2,330 crore at Rs 1,58,320 crore, while ICICI Bank lost Rs 1,927 crore at Rs 1,34,397 crore.
CIL's value plunged Rs 1,453 crore at Rs 2,27,736 crore.
The list of top-10 m-cap companies on the BSE as of last week was: RIL, followed by TCS, ONGC, CIL, ITC, SBI, HDFC Bank, Infosys, ICICI Bank and NTPC.