Nine of the top 10 valued firms together added Rs 79,798.3 crore in market valuation the last week ended November 25, with IT majors Tata Consultancy Services (TCS) and Infosys emerging as the biggest winners. It comes amid the layoffs announced by the IT companies recently.
In the last week, the 30-share BSE Sensex climbed 630.16 points or 1 per cent. The barometer settled at 62,293.64, its fresh record closing high on Friday.
Barring Adani Enterprises, all the 10 most valued firms including Reliance Industries, HDFC Bank, ICICI Bank and Hindustan Unilever Limited witnessed gains in their valuation. The market valuation of TCS jumped Rs 17,215.83 crore to Rs 12,39,997.62 crore. Infosys added Rs 15,946.6 crore taking its valuation to Rs 6,86,211.59 crore.
The market valuation of Reliance Industries rallied Rs 13,192.48 crore to Rs 17,70,532.20 crore and that of Hindustan Unilever climbed Rs 12,535.07 crore to Rs 5,95,997.32 crore.
ICICI Bank’s market capitalisation (mcap) zoomed Rs 6,463.34 crore to Rs 6,48,362.25 crore and that of Bharti Airtel gained Rs 5,451.97 crore to Rs 4,71,094.46 crore. State Bank of India’s mcap grew by Rs 4,283.81 crore to Rs 5,42,125.54 crore and that of HDFC advanced Rs 2,674.47 crore to Rs 4,87,908.63 crore.
The market capitalisation of HDFC Bank jumped Rs 2,034.73 crore to Rs 9,01,523.93 crore. However, Adani Enterprises valuation plunged Rs 13,281.01 crore to Rs 4,44,982.34 crore. Reliance Industries was leading the chart in the ranking of the most valued firms, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, HDFC, Bharti Airtel and Adani Enterprises.
The IT sector globally is on a layoff spree, recently Amazon started laying off employees across the company amid an “unusual and uncertain macroeconomic environment" and plans to cut 10,000 or 3 per cent of its workforce.
Twitter and Meta have also laid off employees. Mark Zuckerberg, CEO of Facebook’s parent company Meta Platforms, on November 9 said the company has decided to reduce the size of its team by about 13 per cent and let more than 11,000 employees go. Twitter has also laid off 50 per cent of its employees.
Google and HP are also now planning layoffs. Alphabet, Google’s parent company, is reportedly gearing up to lay off about 10,000 “poor performing" employees, or 6 per cent of its workforce. US tech giant HP CEO Enrique Lores has also said the company will cut the size of its workforce in the next three years and expects to reduce it by 4,000 to 6,000 persons. He added that while these are difficult decisions, he is doing what is best for the company’s business.
(With Inputs From PTI)
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