Business Today

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The Valuation Roll Call

Business Today

A CRACKER OF A YEAR • DESPITE GEOPOLITICAL CONCERNS, VOLATILITY IN COMMODITY PRICES AND A WEAK CURRENCY, INDIAN STOCK MARKETS HAVE WITNESSED SPECTACULAR FIREWORKS IN SAMVAT 2079. SINCE DIWALI 2022, THE BSE SENSEX HAS SURGED 9 PER CENT

GOING STRONG • FOR THE FOURTH CONSECUTIVE YEAR, COMPANIES ON THE BT500 LIST SUSTAINED THE GROWTH IN THEIR AVERAGE MARKET CAPITALISATION, SHOWING RESILIENCE IN THE FACE OF ESCALATING GEOPOLITICAL TENSIONS, INFLATION, AND OTHER HEADWINDS. FIRST PUBLISHED IN 1992 AFTER THE ECONOMIC REFORMS, THE LIST IS A YEARLY COMPILATION OF INDIA’S MOST VALUABLE COMPANIES. HERE ARE SOME HIGHLIGHTS:

FOOD BILL • PM Modi’s announcement extending the PMGKAY by five years may not impact the fiscal deficit target immediately, but higher outlays on welfare schemes ahead of the 2024 polls may prove tricky

BIG NUMBERS

Western Clouds • While WeWork has filed for bankruptcy in the US, its Indian arm is busy with expansion plans

A PREMIUM LEGACY • The passing of P.R.S. Oberoi leaves a huge gap in the Indian luxury hospitality industry

A RECORD SHOW • The ICC Men’s Cricket World Cup 2023 was a tournament of many firsts, both on and off the field

A Real Problem • The recent instances of viral deepfake videos have spurred the government into action

WFH IS OVER! • The IT services giants, the largest employers of the country’s white-collar workforce, are leading the pack in calling employees back to the office

Trouble Again • Religare Enterprises finds itself battling allegations related to governance yet again as its board locks horns with the Burmans of Dabur

Manish Walia

“The focus at NSE is back on governance” • Ashishkumar Chauhan, MD & CEO of NSE, talks about the economy, markets, DPI, the role of exchanges, bringing more investors into the market, and more

SATHWARO: TOGETHER, ADANI FOUNDATION AND ARTISANS STRIVE TO REVIVE INDIA’S ARTS & CRAFTS • "We were invisible. We didn't have a voice until our work began to speak for us," say Muslim women of the Bismi group of Jameelabad in Kottaikuppam panchayat of Ponneri taluka in Tamil Nadu.

THE RESILIENT BT 500 • THE CURRENT MOOD OF THE MARKET IS APTLY REFLECTED IN THE LATEST EDITION OF THE BT500 STUDY, AS THE COMBINED VALUATION OF THE TOP 500 COMPANIES ON THE LIST HAS RISEN. BUT THE GAINS HAVE NOT BEEN AS SPECTACULAR AS 2022, MIRRORING THE SENTIMENT OF INVESTORS

HOW WE DID IT • The methodology used to prepare the BT500 2023 list that ranks the Top 500 listed firms in India by average market capitalisation

Some Gain Some Pain • Select firms from defence, railways, metals, renewables and PSUs have seen remarkable upswings in their one-year average market valuation. But, the oil & gas and pharma sectors have bucked this trend

VALUE JUDGEMENT

VALUATION WALTZ

RELIANCE REIMAGINED • India’s largest company continues to grow in its traditional and consumer-facing sectors, but its digital businesses, data capabilities, and seamless connectivity will drive the next phase

NEW VIGOUR

BRAVING THE CHALLENGES • Tata Consultancy Services has retained the second spot in the BT500 list. With a new leader, the IT behemoth is looking to ride out global headwinds and emerge stronger

ICICI BANK’S METEORIC RISE • ICICI Bank, under Sandeep Bakhshi, has left behind bellwethers like HUL and Infosys to climb two positions on this year’s BT500 list and break into the Top 5

THE AFTERSHOCKS • Star performers in last year’s BT500 study, most Adani Group firms have seen their rankings...