RIL most valuable co for 3rd yr

Mumbai: Led by Reliance Industries (RIL), the top-500 private sector companies are valued at $2.8 trillion or Rs231 lakh crore, which is more than the combined GDP of Saudi Arabia, Switzerland, and Singapore, and also equivalent to 71 per cent of the nation’s GDP, according to a report.

Reliance Industries continues to retain the top slot for the third year in a row with a value of Rs15.65 lakh crore and leads the No 2, which is TCS, by at least Rs3 lakh crore, the report stated.

Thanks to the merger of HDFC twins, HDFC Bank has become the third most valued company surpassing Rs 10 lakh crore market capitalization, according to a Hurun India-Axis Bank 2023 most valued companies list. These companies have recorded 13 per cent sales growth in the year and had combined sales of $952 billion, which is again more than a quarter of the national GDP which is likely to close the current fiscal at $3.9 trillion, Anas Rahman Junaid, the managing director of Hurun India said.

Amitabh Chaudhry, the Managing Director of Axis Bank, said, these 500 companies employ 1.3 per cent or over 70 lakh of the workforce and 52 in the list are less than a decade old and the oldest is the 235-year-old EID-Parry.