M-cap of 6 of top 10 most valued firms drops by Rs 70,325 crore; HDFC, ICICI Bank top drags
ADVERTISEMENT Last week, the BSE benchmark Sensex dropped 626.01 points or 0.74 per cent.
In the top-10 pack, Reliance Industries, State Bank of India, Infosys and Hindustan Unilever Ltd were the gainers, while HDFC Bank, Tata Consultancy Services (TCS), Bharti Airtel, ICICI Bank, Life Insurance Corporation of India (LIC) and Bajaj Finance faced erosion from their market valuation.
HDFC Bank's valuation declined by Rs 19,284.8 crore to Rs 15,25,339.72 crore. ICICI Bank lost Rs 13,566.92 crore in its market valuation which stood at Rs 10,29,470.57 crore. The valuation of Bajaj Finance dropped by Rs 13,236.44 crore to Rs 5,74,977.11 crore and that of LIC diminished by Rs 10,246.49 crore to Rs 5,95,277.16 crore. TCS faced an erosion of Rs 8,032.15 crore from its market capitalisation (mcap) which stood at Rs 12,37,729.65 crore.
ADVERTISEMENT The mcap of Bharti Airtel fell by Rs 5,958.7 crore to Rs 11,50,371.24 crore. However, the market valuation of Reliance Industries jumped Rs 15,359.36 crore to Rs 20,66,949.87 crore.
ADVERTISEMENT Infosys added Rs 13,127.51 crore in its valuation to Rs 6,81,383.80 crore. The mcap of Hindustan Unilever climbed Rs 7,906.37 crore to Rs 5,49,757.36 crore and that of State Bank of India went up by Rs 5,756.38 crore to Rs 7,24,545.28 crore.
In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever Ltd.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
15 minutes ago
- News18
BSE Declines 13% Since SEBI's Jane Street Action; What's The Connection?
Last Updated: Shares of BSE Ltd tumbled over 4% as investors continued to offload their shares amid regulatory overhangs and valuation concerns Why Is BSE Stock Falling? Shares of BSE Ltd tumbled nearly seven per cent in trade on Tuesday, July 8, as investors continued to offload their shares amid regulatory overhangs and valuation concerns. Further, capital market stocks also saw significant selling pressure, even as Dalal Street extended its sideways movement. BSE shares have also taken a 13 percent tumble since the markets regulator, Securities and Exchange Board of India (SEBI), cracked down on proprietary trading firm Jane Street, alleging that the foreign portfolio investor used manipulative strategies to profit from the indices. SEBI also restrained Jane Street Group from accessing the local securities market, dealing a severe hit to the US trading firm that generated more than $2.3 billion in net revenue from equity derivatives in the South Asian nation last year. At 10.10 a.m., BSE's stock price was quoting Rs 2,536, lower by 3.8 per cent compared to the previous session's closing price. The capital markets pack was also lagging, with Angel One, CDSL, and 360 ONE WAM shares sinking up to 3.5 per cent. ICICI Securities has raised caution over BSE shares, citing multiple headwinds including regulatory restrictions, the recent change in the derivatives expiry day, and elevated valuation multiples. The brokerage also pointed out that BSE's premium average daily turnover (ADTV) dropped 12.4% month-on-month to Rs 13,900 crore in June, following sharp increases in April and May. 'While we remain constructive on the company's long-term fundamentals, we believe the current valuations already reflect its medium-term growth prospects. At current price levels, BSE trades at over 45x FY27E core EPS, which appears stretched, especially in light of potential regulatory risks," the brokerage noted. It added that the earnings impact on BSE is likely to be minimal, given that foreign portfolio investors (FPIs) contribute just 3–4% of derivatives turnover. The effect may be more pronounced for Nuvama, which was Jane Street's Indian trading partner. According to Jefferies, there's no counterparty risk from Jane Street's open positions, as these are backed by clearing corporations and the firm has up to three months to wind down its trades. It also noted that hedge funds typically hold larger exposures in Single Stock Futures (SSFs), with a more limited presence in options. The brokerage further explained that Jane Street operated both as an FPI and a trading member in Indian markets, meaning its volumes were counted under both FPI and proprietary categories. 'Since SEBI's investigation had been underway for some time, Jane Street's trading activity had already declined over the past few months," it added. Citing exchange data, Jefferies highlighted that FPIs typically account for 3–8% of equity derivatives turnover, with proprietary traders contributing a dominant 60–65%. The rest comes from individual and other participants. The key uncertainty now, Jefferies said, is whether this episode will have a broader impact on overall trading volumes. 'Next week's trend in derivatives volumes will be critical, especially with index derivatives expiries scheduled for Tuesday and Thursday," it said. On a positive note, index options premium turnover was slightly higher week-on-week on both exchanges last Friday, though still marginally below the two-month average. Derivatives contribute nearly 58% of BSE's estimated revenues for FY26. Within this segment, FPIs drive just 3–4% of turnover, and Jane Street's share is estimated at only 1%. 'Hence, the earnings impact on BSE is likely to be limited. A 100 basis point hit to our FY26 premium estimates would reduce EPS by only 60–70 basis points," Jefferies concluded. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
India.com
17 minutes ago
- India.com
Good news for Mukesh Ambani, Jio BlackRock raises Rs 178000000000 through…, Jio Financial Services shares likely to touch…
Rs 94000000000 deal: Big competition in paint industry after Mukesh Ambani…, this company bought... New Delhi: JioBlackRock Mutual Fund has closed its maiden New Fund Offer (NFO ), raising Rs 17,800 crore (USD 2.1 billion) across three short-term debt schemes. The NFO, which ran from June 30 to July 2, received participation from over 90 institutional investors. The three funds, JioBlackRock Overnight Fund, JioBlackRock Liquid Fund, and JioBlackRock Money Market Fund — mark the company's formal entry into India's mutual fund space, the company said in a press release. Jio Financial Services share price Shares of Jio Financial Services opened lower at Rs 324.60 on the BSE, compared to the previous closing price of Rs 325.00. However, the stock quickly gained momentum, reaching an intraday high of Rs 329.65 — a rise of about 1.5 percent. By 11:46 AM, it was trading at ₹328.50, up 1.08 percent. Jio Financial Services share price target Talking to ET Now, Market expert Rajesh explained the strategy that one should follow to execute trades in Jio Financial Services. 'Even on a 3-month basis, targets of Rs 360 can be expected, which is also the September high. There's good support around Rs 310. Investors can consider holding or even adding on dips,' he said. He also sees a potential upside to Rs 385 in the medium term. A market expert on ET NOW earlier said that the stock chart pattern of Jio Financial Services is showing strong bullish signals. According to the analyst, the stock can easily rise to Rs 350 in the near term. If it manages to cross the Rs 350 levels, the counter may further surge up to Rs 400, the expert added. He further added that the stock chart pattern of Jio Financial Services is showing strong bullish signals. According to the analyst, the stock can easily rise to Rs 350 in the near term. If it manages to cross the Rs 350 levels, the counter may further surge up to Rs 400, the expert added.
Mint
18 minutes ago
- Mint
PC Jeweller plunges 10% after exchanges place stock under short-term ASM framework
Shares of smallcap multibagger stock PC Jeweller came under intense selling pressure on Tuesday, July 8, sliding as much as 10 percent to ₹ 16.85 after both the BSE and NSE placed the stock under the short-term Additional Surveillance Measure (ASM) framework. The move comes on the back of a rapid surge in the company's share price in recent trading sessions, prompting regulatory scrutiny. The sharp drop follows a strong two-day rally in which the stock gained up to 33 percent, touching an all-time high of ₹ 19.65 in the previous session. However, Tuesday's fall erased a portion of those gains, reminding investors of the volatility that often accompanies such speculative rallies. According to exchange mechanisms, the ASM framework is used to curb excessive speculation and ensure market stability. When a stock is placed under short-term ASM, it typically means that regulators have identified unusual price movements, volume spikes, or excessive volatility. Although the BSE and NSE do not disclose specific triggers for such actions, the recent explosive rally in PC Jeweller, combined with its consistently high trading volumes, likely contributed to this intervention. The ASM framework imposes certain trading restrictions aimed at discouraging short-term speculative activity. These include a 100 percent margin requirement, which prevents investors from using leverage to take positions in the stock. Additionally, the stock enters trade-for-trade settlement, meaning intraday trades are not allowed, and all transactions must result in delivery. This tends to reduce liquidity and discourage momentum-driven trades, leading to a temporary cooling-off period in the stock. For PC Jeweller, the impact of this action was felt immediately, with investor sentiment turning cautious. The stock tumbled in early trade, reacting not only to the ASM notification but also to the elevated valuations following its recent price run-up. Such surveillance measures often lead to profit booking as traders exit positions to avoid getting caught in illiquid trades. Despite Tuesday's decline, PC Jeweller has delivered multibagger returns over the past year, soaring 266 percent from its 52-week low of ₹ 5.34, hit in July 2024. Even in July 2025 alone, the scrip has gained 39 percent, rebounding strongly from a 1.6 percent dip in June. Earlier, it rose 2.4 percent in May, though it fell 6.4 percent in April, showing a volatile but largely bullish trajectory over the past several months. Prior to that, the smallcap stock rose 15.5 percent in March after posting sharp declines of 21.7 percent in February and 9 percent in January, reflecting a volatile but overall bullish trajectory. Adding to the flurry of developments, PC Jeweller announced via exchange filing that its Board of Directors will meet on Thursday, July 10, 2025, to consider and approve a proposal for fundraising through a preferential allotment of securities. The fundraising plan is subject to regulatory, shareholder, and statutory approvals, with final pricing yet to be determined. This comes on the heels of a robust Q1FY26 business update from the company. Last week, PC Jeweller disclosed that its standalone revenue surged approximately 80 percent year-on-year for the April–June quarter, marking one of its strongest quarterly performances in recent history. The company attributed the stellar performance to strong demand during the wedding and festive season, coupled with continued customer trust and brand goodwill. The management noted that despite volatility in gold prices, consumer demand remained resilient, helping the company grow its top line substantially. Additionally, PC Jeweller highlighted its efforts toward financial deleveraging, having cut its outstanding debt to bankers by more than 50 percent during FY24–25. In the first quarter of FY26 alone, it further reduced debt by 7.5 percent, reinforcing its commitment to becoming debt-free by the end of FY26. 'The company continues to revamp and strengthen all aspects of its operations, the results of which are visible in its financials,' said the management in its recent filing. It added that it remains confident of 'delivering exceptional performance in the upcoming quarters as well.' While the company's growth momentum and operational turnaround are generating optimism among investors, Tuesday's stock price action serves as a reminder that sharp rallies in small-cap counters often invite regulatory attention. The short-term ASM action, while not indicating any fundamental wrongdoing, does impose cautionary boundaries for investors and traders. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
