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Tata group replaces ONGC with highest market cap
By agencies
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Tuesday, 07 March 2006, 20:30 IST
MUMBAI: The Tata group has become the first Indian corporate house to cross $46.1 billion mark in market capitalization replacing public sector giant Oil and Natural Gas Corporation group whose market capitalization is at $39.4 billion now.
In the last two years, the 2.8 million investors of the Tata group have gained hugely from its new economy business, mainly Tata Consultancy Services (TCS) that was listed in 2004 and now has a market capitalization of $18.8 billion.
The Mumbai based Tata group is spread across seven sectors and has 29 listed companies under its fold. Companies that led the current rally were Tata Consultancy Services, Tata Steel, Tata Motors, Tata Power and Videsh Sanchar Nigam Ltd.
The Mukesh Ambani controlled Reliance group of companies including Reliance Industries, IPCL and Reliance Industrial Infrastructure was the third largest in market cap with $24.5 billion while Anil Ambanis group, at $19.5 billion, was less than a third of Tata groups market cap.
The Aditya Birla group that is currently involved in a public spat with the Tatas over GSM cellular operator Idea Cellular has a market capitalization of $10.3 billion. The diversified textiles-to-metals groups market cap is behind Indian Oil Corporation groups market capitalization of $15 billion.