Number of companies with at least $10 billion valuation surpasses the 100 mark for the first time

The number of companies with a minimum market capitalisation of $10 billion has surpassed the 100 mark for the first time in 2024 after a broad-based rally lifted most stocks on Dalal Street. The rich valuation makes them more sweeter considering the kind of erosion that the rupee has witnessed during the year. The local currency hit a record low of 85.82 against the US dollar in the last week of December, taking this year’s loss to 2.8%.

At the end of 2024, there are 117 companies that boast a valuation of at least $10 billion, against 84 in 2023, according to Bloomberg data. The list has more than doubled from 47 seen in 2020. Interestingly, the combined market valuation of all these top companies stood at $3.3 trillion, which is nearly 65% of the aggregate market capitalisation of all listed companies. As of Tuesday’s close, the total market capitalisation of companies listed on the NSE stood at $5.13 trillion.

While all the Nifty50 constituents, barring Hero MotoCorp and IndusInd Bank form part of the list, new-age tech companies like Zomato, Swiggy and PB Fintech also found their place in the elite club. Zomato — the latest entrant on the Sensex — reported its first-ever profit in FY24, whereas other new-age tech companies have showcased a clear path to profitability by taking organic and inorganic expansion routes.

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Further, a higher number of issuance in the primary market and increased retail participation also boosted the overall tally this time around. As a result, many newly listed companies like Swiggy, NTPC Green Energy and Hyundai Motor India also made it to the list.

According to Seshadri Sen, Head of Research & Strategy at Emkay Global, a strong market and enhanced flows have pushed the share of equities in household domestic savings nearly 2x to 31% since FY16. Therefore, the FPIs selling alone is unlikely to drag the market lower. “We see lower fixed-income yields, among other factors, continuing to push savers toward equities for another 8-10 years,” Sen added.

The year also witnessed private lender ICICI Bank crossing $100 billion in market capitalisation. The country’s second-largest private lender had become the sixth Indian entity to enter the $100 billion market capitalisation club.

Other companies in the group include Reliance Industries ($192 billion), Tata Consultancy Services ($173 billion), HDFC Bank ($158 billion) and Bharti Airtel ($ 111 billion). However, Infosys, which had hit that landmark of $100 billion in late 2021 had slipped from those levels. The IT bellwether currently commands a market capitalisation of $91.2 billion.