Seven of the top-10 most valued domestic firms together added Rs 75,845.46 crore in market valuation in the past week, with HDFC twins emerging as the biggest gainers. Apart from HDFC duo, Tata Consultancy Services (TCS), Infosys, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were other gainers. On the other hand, Reliance Industries Limited (RIL), Hindustan Unilever Limited and Bharti Airtel saw erosion in their market valuation. The valuation of HDFC jumped by Rs 20,857.99 crore to Rs 4,62,586.41 crore and that of HDFC Bank zoomed by Rs 15,393.9 crore to reach Rs 7,84,758.50 crore. IT major Infosys m-cap rose by Rs 10,251.38 crore to Rs 5,36,878.45 crore.
Seven out of 10 firms add Rs 75,845 crore in m-cap; HDFC biggest gainer
Apart from HDFC duo, Tata Consultancy Services, Infosys, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were other gainers; RIL, Hindustan Unilever and Bharti Airtel saw erosion in their market valuation
PTI | January 4, 2021 | Updated 01:03 IST
Seven of the top-10 most valued domestic firms together added Rs 75,845.46 crore in market valuation in the past week, with HDFC twins emerging as the biggest gainers.
Apart from HDFC duo, Tata Consultancy Services (TCS), Infosys, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were other gainers.
On the other hand, Reliance Industries Limited (RIL), Hindustan Unilever Limited and Bharti Airtel saw erosion in their market valuation.
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The Securities and Exchange Board of India (SEBI) has slapped Rs.15 crores on Reliance Industries Limited (RIL) Chairman Mukesh Ambani for alleged manipulative trading in shares of Reliance petroleum limited in 2007. The market regulator has also fined RIL Rs. 25 crores in the same case with a similar charge. SEBI has also levied fines of Rs 20 crore on Navi Mumbai SEZ and Rs 10 crore on Mumbai SEZ in along with Mukesh Ambani and RIL.
What is the issue?
As per a report in The Financial Express, the SEBI investigation related to the trading in the Reliance Petroleum Limited (RPL) scrip that was merged with RIL in 2009. In March 2007, the Board of RIL approved the operating plan for the year 2007-08 and capital requirements for the next two years, approximately Rs. 87,000 crore, among other items. RIL later agreed to sell about 5 percent of its RPL shareholding.
A file photo of Reliance Industries Chairperson Mukesh Ambani. | Prakash Singh/AFP
The Securities and Exchange Board on Saturday imposed penalties on Reliance Industries Limited, its Chairperson Mukesh Ambani and two other entities for allegedly manipulating share trading of Reliance Petroleum Limited in November 2007. The other two companies are Navi Mumbai SEZ and Mumbai SEZ.
Reliance Industries Limited, or RIL, and Ambani were fined Rs 25 crore and 15 crore, respectively. Mumbai SEZ was asked to pay 10 crore, while Navi Mumbai SEZ was penalised Rs 20 crore.
The case is related to the sale and purchase of Reliance Petroleum shares in future and cash segments in November 2007. This followed RIL’s decision to sell 4.1% stake in the Reliance Petroleum Limited, or RPL, which later merged into RIL in 2009.