Firms from the defence, railways, metals, renewables, and PSU sectors have experienced remarkable upswings in their one-year average market valuation. However, the oil & gas and pharma sectors have bucked this trend.
Thanks to the economic resilience, robust high-frequency indicators, and better-than-expected earnings of India Inc., the total m-cap of the BT500 companies has surged by over Rs 10 lakh crore to Rs 261.53 lakh crore during the study period, i.e. between October 2022 and September 2023. Now it takes even higher market value to make it into our list of India’s Most Valuable Companies.
The benchmark BSE Sensex witnessed a 16 per cent rise, whereas the BSE MidCap and BSE SmallCap indices surged 32 per cent and 33 per cent, respectively, during the study period. Let us take a look at the top gainers and top losers in FY23
Mukesh Ambani-led Reliance Industries has retained the top spot on the BT500 list this year with an average m-cap of Rs 16,74,550 crore during the study period.
The one-year average m-cap of Mazagon Dock Shipbuilders surged the most, at 271.20 per cent, to Rs 21,510 crore during the study period this year.
The other top gainers are Lloyds Metals & Energy, Rail Vikas Nigam, The Fertilisers and Chemicals Travancore, Jindal Stainless and more.
Gland Pharma witnessed over 50 per cent erosion in its one-year average market cap. Overall, 38 per cent of companies on the BT500 list saw a decline in their average m-cap.
Some other companies which experience massive erosion of m-cap are Nykaa, Quess Corp, Metropolis Healthcare, Adani Energy Solutions and others.
Railway PSU stocks have enjoyed strong support from the Indian government, which provided funding and backing for critical railway infrastructure projects.
According to Alchemy Capital's Alok Kumar Agarwal, domestic cyclical firms from sectors such as auto and manufacturing, industrials, capital goods, power, defence and railways, may continue to stay in the limelight over the next year.
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