New Delhi, May 20 (PTI) As many as 20 companies have joined the elite billion-dollar market cap club so far in 2007, with appreciating rupee emerging as a major driving force behind this feat.
While a number of corporates, particularly those with significant exposure to exports, are crying foul over dollar's decline, the prevailing forex trend has added considerably to their market value when calculated in the US currency.
The combined market value of all the billion-dollar firms today stands at 791 billion dollars, representing a gain of 150 billion dollars since the beginning of this year and a massive increase of 300 billion dollars in the past one year.
India Inc today boasts of a total of 146 publicly traded companies with market capitalisation of over one billion dollars, up from 126 at the end of 2006.
One year ago, there were just 98 companies in this club, which has expanded by 48 companies today, while taking the combined market value of all the listed companies in the country to little below one trillion dollars.
However, the credit for this increasing number of billion dollar companies does not go entirely to the rise in their share prices.
It is the sharp appreciation in Indian currency against the dollar that has contributed significantly to this fattening club as the gains in rupee terms has been dwarfed by the corresponding gains in terms of the US greenback.
Among all the billion-dollar companies, dollar-market values of 25 firms have doubled since the beginning of 2007, while just 16 companies have seen two-fold jump in their market cap in rupee terms.
Similarly, in the past one year, since May 21, the market cap of 27 companies has doubled in dollar terms, while the rupee-market value of only 17 companies has witnessed a similar jump in the same period. PTI
While a number of corporates, particularly those with significant exposure to exports, are crying foul over dollar's decline, the prevailing forex trend has added considerably to their market value when calculated in the US currency.
The combined market value of all the billion-dollar firms today stands at 791 billion dollars, representing a gain of 150 billion dollars since the beginning of this year and a massive increase of 300 billion dollars in the past one year.
India Inc today boasts of a total of 146 publicly traded companies with market capitalisation of over one billion dollars, up from 126 at the end of 2006.
One year ago, there were just 98 companies in this club, which has expanded by 48 companies today, while taking the combined market value of all the listed companies in the country to little below one trillion dollars.
However, the credit for this increasing number of billion dollar companies does not go entirely to the rise in their share prices.
It is the sharp appreciation in Indian currency against the dollar that has contributed significantly to this fattening club as the gains in rupee terms has been dwarfed by the corresponding gains in terms of the US greenback.
Among all the billion-dollar companies, dollar-market values of 25 firms have doubled since the beginning of 2007, while just 16 companies have seen two-fold jump in their market cap in rupee terms.
Similarly, in the past one year, since May 21, the market cap of 27 companies has doubled in dollar terms, while the rupee-market value of only 17 companies has witnessed a similar jump in the same period. PTI