Hurun India 2023 List: Mukesh Ambani's Reliance Industries Emerge As Most Valuable Firm In India

Mukesh Ambani-owned Reliance Industries ranked first in the list for the third year in a row, with a market capitalisation of Rs 15.6 lakh crore

Reliance Industries emerged as the most valuable company in India, a latest survey revealed. Compiled by Burgundy Private, Axis Bank’s private banking unit, and Hurun India, the 2023 Burgundy Private and Hurun India 500 report found that Reliance, followed by TCS and HDFC Bank are the top three companies in the country on the basis of market capitalisation. 

Mukesh Ambani-owned Reliance Industries ranked first in the list for the third year in a row, with a market capitalisation of Rs 15.6 lakh crore, reported Moneycontrol. Tata Consultancy Services secured second position on the list with a valuation of Rs 12.4 lakh crore, followed by HDFC Bank with a market valuation of Rs 11.3 lakh crore at the third rank in the survey. 

The report credited the merger of HDFC Bank to the elevated market capitalisation. “The merger of HDFC with HDFC Bank facilitated HDFC Bank to become the third Indian company to surpass Rs 10 lakh crore market capitalization,” it stated. 

Following HDFC Bank, ICICI Bank, Infosys, and Bharti Airtel secured the fourth, fifth, and sixth positions on the list with valuations of Rs 6.47 lakh crore, Rs 5.71 lakh crore, and Rs 5.55 lakh crore respectively. Other firms in the top ten included ITC, L&T, HCL Tech, and Kotak Mahindra Bank in the last four spots respectively. HCL Tech and Kotak Mahindra secured a comeback in the top ten in the list this year.

Regarding emerging companies, the report noted that Suzlon Energy registered growth at the fastest pace. “Suzlon Energy, which registered a 436 percent growth, dominates the list of fastest growing companies in 2023 followed by Jindal Stainless and JSW Infrastructure,” it added. After separating from Reliance Industries, Jio Financial Services secured the 28th spot on the list. 

The overall market capitalisation of the firms on the 2023 list grew to Rs 231 lakh crore, against Rs 226 lakh crore logged a year earlier. The combined market valuation of the companies on the list stood higher than the cumulative gross domestic product (GDP) of Saudi Arabia, Singapore, and Switzerland. 

Over half of the companies in the list logged a value growth of over Rs 1,000 crore in the last year, in which 75 firms marked a value growth of more than Rs 10,000 crore.