InvestorQ : During the previous week ended 11 September, which stocks other than Reliance contributed to the market cap surge?
diksha shah made post

During the previous week ended 11 September, which stocks other than Reliance contributed to the market cap surge?

Answer
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2 weeks ago


You are right the market in the previous week was all about Reliance and Reliance alone. Therefore, if there was one word to describe the stocks markets in the previous it would be Reliance on the back of some key announcements. Consider these statistics.

Among the top 10 companies in value, 4 companies added Rs.301,848 crore. However, this is skewed because Reliance singularly accounted for Rs.251,067 crore of this market value boost. RIL crossed $200 billion in market cap or Rs.15,00,000 crore in rupee terms.

This spurt in Reliance stock was triggered after it placed 1.75% stake worth $1.05 billion with Silver Lakes PE Fund, which is already an investor in Jio Platforms. In addition, it is anticipated that even KKR is in the queue for a $1.5 billion stake in Reliance Retail.

The real boost to the RIL stock came after there were market reports that Amazon could buy a 40% stake in Reliance Retail for $20 billion. While there has been no confirmation from either side, it is well known that the two have been in talks about a strategic alliance.

Additionally, TCS, HUL and Infosys also contributed to the overall market cap with positive gains. There were 6 laggards in the top-10. The HDFC twins, Bharti Airtel, Kotak Bank, ICICI Bank and ITC saw their aggregate market cap drop by Rs.54,801 crore during the week.