Adani Transmission beats LIC, HDFC in m-cap to enter top 10 stocks; shares rally this much YTD

Adani Transmission beats LIC, HDFC in m-cap to enter top 10 stocks; shares rally this much YTD

Adani Transmission on Tuesday entered the top 10 list of most valuable companies. Gautam Adani-led power transmission firm became the 8th most valued firm by market capitalisation. Adani Transmission’s market cap stood at Rs 4.4 lakh crore today morning at about 10.30 am, BSE data showed. Adani Transmission m-cap surpassed that of Housing Development Finance Corporation (HDFC) (Rs 4.31 lakh crore), LIC (Life Insurance Corporation of India) (Rs 4.27 lakh crore), Bajaj Finance (Rs 4.33 lakh crore), and Bharti Airtel (Rs 4.12 lakh crore). In the past one week, Adani Transmission share price has rallied over 10%, as compared to 0.19 per cent decline in the NSE Nifty 50. On the other hand, HDFC, LIC, Bajaj Finance and Bharti Airtel were down 1-2% during the same period.

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LIC shares have fallen 30 per cent from issue price of Rs 949, eroding Rs 1.75 lakh crore of value. The nation’s largest insurer had launched a Rs 20,500 crore initial public offering in early May before listing on 17 May. LIC now ranks eleventh in terms of m-cap value. The top 10 most valued firms of India now are Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever, ICICI Bank, State Bank of India, HDFC, Bajaj Finance, and Adani Transmission.

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Adani Transmission is India’s largest private transmission company with a cumulative transmission network of around 18,795 circuit km (ckm), out of which around 14,651 ckm is operational and around 4,064 ckm is at various stages of construction. The Adani Group firm also operates a distribution business serving over 12 million consumers of Mumbai and Mundra SEZ. The transmission company has completed Rs 3,850 crore primary equity transactions with International Holding Company (IHC) for 1.4% stake. Earlier in April, the company’s board had approved a transaction for the issue of 15.68 million equity shares of face value of Rs 10 each of the company to Green Transmission Investment Holding RSC on a preferential basis.