HCL Technologies Ltd on Thursday replaced ITC Ltd, India’s largest cigarette maker, to become the 10th most valued company in the country by market capitalization on BSE.
According to BSE, the market capitalization of HCL Technologies stood at ₹2.21 trillion, with its shares trading at a record ₹810.95 in the BSE. Shares of TI’s principal have risen nearly 43.3% so far this year.
ITC has a market capitalization of ₹2.20 trillion. The stock was trading at ₹178.65 in the EEB, 1.11% less. Currently, Reliance Industries Ltd is the most valued company in the country with a market capitalization of ₹15.71 billion, followed by Tata Consultancy Services Ltd ( ₹9.31 billion) and HDFC Bank Ltd ( ₹5.95 billion).
Hindustan Unilever Ltd is number four ( ₹5.04 billion), followed by Infosys Ltd ( ₹4.27 billion), HDFC Ltd ( ₹3.17 billion), Bharti Airtel Ltd ( ₹2.63 trillion), Kotak Mahindra Bank Ltd ( ₹2.62 trillion) and ICICI Bank Ltd ( ₹2.58 trillion).
On Monday, HCL Technologies provided a surprising mid-quarter update, guiding above-than-expected revenue growth of at least 3.5% quarter-over-quarter in constant currency and an operating margin in the range of 20.5-21% for the second quarter of fiscal year 2021.
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“This bold announcement indicates good market share gains, operational efficiency, impressive pipeline conversion in life sciences, telecommunications and BFSI, strong execution capabilities, and sets the stage for a fiscal year 21 guidance update.” BoB Capital said in a Sept. 14 report to investors. The brokerage firm has improved its FY 21-23 earnings per share estimates by 3-5% and raised its September 2021 price target to ₹920 from ₹810.
ITC reported a 26% drop in net profit for the June quarter. Revenues decreased 17.4% to ₹9.501 crore. However, its segment of other consumer goods (excluding cigarettes), which includes wheat flour, health and hygiene products, packaged noodles and cookies, posted comparable growth of 19% during the first quarter.
On September 4, Mint reported that ITC President Sanjiv Puri said the short-term demand outlook remains uncertain amid a surge in COVID-19 cases and a weak economy, even as the conglomerate of hotels for packaged goods drives digital capabilities and launches new products.
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