Reliance Industries has emerged as the most valued Indian company in a global list of top-500 non-State run companies, but saw its ranking slipping by three points.
Ranking of many others Indian companies, including Tata Consultancy Services, HDFC Bank, HDFC and Bharti Airtel, declined compared with last year on the Hurun Global 500 list.
In all, 12 Indian companies made it to the list of the top-500 valued companies as against 11 in the year-ago period.
Mukesh Ambani-led Reliance Industries’ valuation increased 11% to $188 billion but ranking slipped by three places to 57 in the rankings which use the valuation on July 15 as the cut-off.
TCS slipped one position to be the 74th most valued company in the world with a valuation of $164 billion, HDFC Bank was 19 positions down at 124th with a $113 billion valuation while its parent HDFC was down 52 places at 301st despite a 1% increase in valuation to $56.7 billion.
Kotak Mahindra Bank’s valuation declined 8% to $46.6 billion, which led to a fall of 96 places on the list to 380th rank, while its larger rival ICICI Bank saw its valuation rise 36% to $62 billion which resulted in its global ranking improving 48 places to 268th, as per the list.
There were three new entrants from the country in the list, including Wipro (ranked 457th), Asian Paints (477th) and HCL Technologies (498th).
“Two-thirds of Indian companies featured in the list are from financial services and software services. In the coming years, the startup revolution in the country would help India contribute more companies to Hurun Global 500,” Hurun India’s managing director and chief researcher Anas Rahman Junaid said.
Apple is the most valuable company in the world and saw its valuation rising by 15% to $2.4 trillion, it said.
Apple, Microsoft, Amazon and Alphabet, the ‘big 4’, doubled in value since COVID-19 to take their combined value to $8 trillion, and making up 14% of Hurun Global 500.
India is ninth by the number of companies featured on the list, which is led by the U.S. (243) and followed by China (47), Japan (30) and the U.K. (24).