Reliance Industries (RIL) has retained its position as India’s most valuable company for the fourth consecutive year, as per the latest report released by Axis Bank’s private banking unit Burgundy Private and Hurun India. The Mukesh Ambani-led company was followed by Tata Consultancy Services and HDFC Bank.
The 2024 Burgundy Private and Hurun India 500 report recorded the total market capitalization of Reliance Industries at Rs 17.5 lakh crore, higher than Tata Consultancy Services and HDFC Bank which were ranked second and third with a market value of Rs 16.1 lakh crore and Rs 14.2 lakh crore respectively.
ALSO READRIL subsidiary signs pact for 10 GWh battery capacity under ACC PLI
The combined value of the 2024 Burgundy Private Hurun India 500 companies amounted to Rs 324 lakh crore (US$3.8 trillion), which is higher than the GDP of India and the combined GDPs of UAE, Indonesia, and Spain. The fourth edition of the report shows a 43% jump in the qualification threshold to Rs 9,580 crore.
Significantly, for the first time since the list’s inception, every company featured is valued at least $1 billion, despite the depreciated rupee.
Amitabh Chaudhry, managing director and CEO, Axis Bank, said: “Burgundy Private is delighted to partner with Hurun India once again to celebrate India’s 500 most valuable companies. The 2024 Burgundy Private Hurun India 500 report is a remarkable snapshot of India’s corporate landscape, which is undergoing unprecedented transformation. By rethinking strategies, innovating, and adapting to new realities to stay ahead of the curve, the companies featured on this year’s list have seized growth opportunities to emerge as exemplary leaders in their respective industries.” With capital markets becoming more dynamic than ever, these companies have demonstrated vision, resilience, and agility to create immense value for their stakeholders, he added.
Financial service companies continue to hold top positions and remain top gainers, according to the report. Indian Banks and financial companies are reasonably well positioned with strong balance sheets and higher return on equity(ROE), said Arun Choudhary, group executive, affluent banking, NRI, cards and payments. However, he advised to keep an eye out on rising cyber threats.
Indian startup initial public offerings have been gaining strong momentum, reflecting renewed investor confidence in the ecosystem, as highlighted in the report.
» Read More
