New Delhi, Sept. 21: The ongoing turmoil in equity markets, coupled by the recent depreciation in rupee value, has forced out as many as 87 companies from the elite billion-dollar market value club, while shrinking its overall valuation by nearly half. There were as many as 226 companies with a market valuation of at least a billion dollar as on January 10 - the day when the stock market benchmark Sensex scaled its life-time peak before falling prey to a bear-run continuing for over eight months now.
However, the size of this elite club has shrinked to just 139 companies now and its cumulative market value currently stands at about $796 billion as against close to $1.6 trillion on January 10. This diminution is primarily caused by a sharp plunge in the stock market that has lost nearly one-third of its value during this period. A steep fall of over 17 per cent in rupee value versus US dollar has also contributed considerably in the shrinking size of this elite league. The rupee has plunged to near 46 level against the US greenback, against its close to 39.25 level on January 10. Besides, the Sensex is currently hovering near the 14,000-point level after peaking at 21,206.77 points on January 10. Those having moved out of this club include Anil Ambani group's Adlabs Films, Tata group's Tata Tea, Naresh Goyal-led Jet Airways, biotechnology major Biocon, IFCI, Max India, HCL Infosystems, Patni Computer, Jain Irrigation, Bajaj Hindustan, Gujarat NRE Coke, Praj Industries, Madras Cement and India Cement. Besides a number of real estate firms such as Ansal Housing, Omaxe, Sobha Developers and Peninsula Land and banks such as J&K Bank, State Bank of Mysore, Yes Bank, Syndicate Bank, UCO Bank, Central Bank and Allahabad Bank have also moved out of this league. While top companies of the club have managed to hold onto their billion-dollar status, they have also seen a sharp erosion in their valuations. The leader of the club, Mukesh Ambani-led Reliance Industries has lost close to Rs 1,50,000 crore, while the state-run Oil and Natural Gas Corporation (ONGC) has also seen a depletion in their wealth close to Rs 50,000 crore. Besides, realty giant DLF has lost more than Rs 1,00,000 crore and companies like Reliance Communications, Bharti Airtel, ICICI Bank, MMTC, NMDC, State Bank of India and L&T have also registered huge losses http://deccan.com/Business/Business.asp You cannot teach a man anything; you can only help him discover it in himself. <<Galileo Galilei>> --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
