Billion $ market cap entrants power India to 15th slot

By agencies   |   Monday, 29 August 2005, 07:00 Hrs
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MUMBAI: India has emerged as the worldÂ’s 15th largest equity market after it added several companies to the billion dollar club in terms of capitalization in the last three months, taking the total to 81 companies.

India has become the third largest Asian market (excluding Japan and Australia) after having toppled Korea, China and Singapore that have 80, 50 and 47 firms with billion-dollar market capitaltalization respectively. India is also inching closer to outpacing Taiwan that has 84 such companies but lags far behind Hong Kong which has 107, the highest in Asia.

Between May 26 and August 26, Sensex has gained a massive 1,010.56 points or 15.15 percent during its march from 6,670.78 points to 7,680.22. The number of companies having billion-dollar market capitalization increased from 64 to 81. The market capitalization of another five companies is close to the billion-dollar mark and a 200-point rise in the Sensex will take the Indian billion-dollar club to 86. On August 17, the day Sensex closed at its peak of 7,859.53, 86 companies had achieved the billion dollar market capitalization and beyond.

The recent rally has been fuelled by foreign portfolio investors, who have poured in $4.02 billion in the last three months, which is much higher than the $3.41 billion flows India received between January and May.

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