In a global list of top-500 non-state operated companies, Reliance Industries emerged as the most valuable Indian company, but its ranking dropped by three points.
Many other Indian firms, including Tata Consultancy Services, HDFC Bank, HDFC, and Bharti Airtel, were ranked lower on the Hurun Global 500 list this year than they were last year.
In total, 12 Indian companies made the top-500 valued companies list, compared to 11 the year before.
The Mukesh Ambani-led Reliance Industries’ valuation jumped 11% to USD 188 billion, but the company’s position dropped three places to 57 in the rankings, which use the July 15 valuation as the cut-off point.
TCS fell one place to 74th most valuable company in the world, with a USD 164 billion valuation, while HDFC Bank fell 19 places to 124th, with a USD 113 billion valuation, and its parent HDFC fell 52 places to 301st, despite a 1% gain in valuation to USD 56.7 billion.
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According to the report, Kotak Mahindra Bank’s valuation fell 8% to USD 46.6 billion, causing it to drop 96 places to 380th place on the list, while its rival ICICI Bank’s valuation rose 36% to USD 62 billion, increasing its global ranking 48 places to 268th place.
There were three new entrants from the country in the list, including Wipro (ranked 457th), Asian Paints (477th) and HCL Technologies (498th).
‘Two-thirds of Indian companies featured in the list are from financial services and software services. In the coming years, the startup revolution in the country would help India contribute more companies to Hurun Global 500,’ Hurun India’s managing director and chief researcher Anas Rahman Junaid said.
Apple is the most valuable company in world, with a market capitalization of USD 2.4 trillion, according to the company.
The ‘big four,’ Apple, Microsoft, Amazon, and Alphabet, have doubled in value since Covid-19, bringing their total value to USD 8 trillion and accounting for 14% of the Hurun Global 500.
India is ninth by the number of companies featured on the list, which is led by the US (243) and followed by China (47), Japan (30) and the UK (24).
(With inputs from agencies)
