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India Inc's $1-billion club swells to 51 companies
Thursday, 03 June 2004, 19:30 IST
NEW DELHI: The fortunes of India Inc. appear to have risen sharply the past year with 51 companies logging a market capitalisation of over $1 billion today compared to 28 in 2002, a leading financial daily said Thursday.
"When compared to the peers of these companies abroad, a billion dollars is just a fraction of what the giants there command," said the study titled: The Changing Face of India Inc.'
"But an entry into this club is being considered as an indication that Indian companies have arrived on the scene and are ready to take on the best in business," the study added.
The study arrived at the numbers at a conversion rate of 
43.40 to a dollar. While the exchange rate last year was just under 50 to a dollar, Wednesday's rate was Rs 45.32 for a dollar.
It is not just the old-timers who have made it to the list. It includes newly listed public sector Maruti Udyog, public sector Mahanagar Telephone Nigam, coal major Neyveli Lignite and energy companies Tata Power ad Reliance Energy.
Making a comparison among one billion dollar companies in terms of market capitalisation and sales, the study said a year ago there was not much difference in the number of companies in both the lists.
The number of billion-dollar companies in terms of sales, in fact, was higher last year with 32 listed firms figuring in the list, compared to 28 in terms of market capitalisation.
"However, now it's vice versa. There are more billion-dollar companies in terms of market capitalisation," the study pointed out.
"What is important is that the one-billion dollar phenomenon has not been a flash in the pan or a temporary phenomenon. Companies have been able to maintain their rise and build on this foundation."
The study does recognise that the appreciation in the value of the Indian rupee vis-a-vis the dollar in the past one year has also contributed to the rise in the number of billion-dollar companies.
Oil and Natural Gas Corp. (ONGC) that tops the list in terms of market capitalisation is ranked fifth in terms of sales. The company had a market capitalisation of 1.21 trillion and sales of 361.76 billion.
Similarly, Indian Oil Corp. tops the list under sales, but is third in market capitalisation.
Reliance Industries, Indian Oil, Infosys and Wipro are the other four companies that figure among the top five companies under market capitalisation, while Hindustrn Petroleum, Reliance Industries, Bharat Petroleum and ONGC make up the sales list.
The study points out that some companies like fast moving consumer products giant Hindustan Lever no longer belongs to the
Source: IANS
43.40 to a dollar. While the exchange rate last year was just under 50 to a dollar, Wednesday's rate was Rs 45.32 for a dollar.
It is not just the old-timers who have made it to the list. It includes newly listed public sector Maruti Udyog, public sector Mahanagar Telephone Nigam, coal major Neyveli Lignite and energy companies Tata Power ad Reliance Energy.
Making a comparison among one billion dollar companies in terms of market capitalisation and sales, the study said a year ago there was not much difference in the number of companies in both the lists.
The number of billion-dollar companies in terms of sales, in fact, was higher last year with 32 listed firms figuring in the list, compared to 28 in terms of market capitalisation.
"However, now it's vice versa. There are more billion-dollar companies in terms of market capitalisation," the study pointed out.
"What is important is that the one-billion dollar phenomenon has not been a flash in the pan or a temporary phenomenon. Companies have been able to maintain their rise and build on this foundation."
The study does recognise that the appreciation in the value of the Indian rupee vis-a-vis the dollar in the past one year has also contributed to the rise in the number of billion-dollar companies.
Oil and Natural Gas Corp. (ONGC) that tops the list in terms of market capitalisation is ranked fifth in terms of sales. The company had a market capitalisation of 1.21 trillion and sales of 361.76 billion.
Similarly, Indian Oil Corp. tops the list under sales, but is third in market capitalisation.
Reliance Industries, Indian Oil, Infosys and Wipro are the other four companies that figure among the top five companies under market capitalisation, while Hindustrn Petroleum, Reliance Industries, Bharat Petroleum and ONGC make up the sales list.
The study points out that some companies like fast moving consumer products giant Hindustan Lever no longer belongs to the
Source: IANS