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Bharti, SBI were the biggest losers last week

This article was posted on May 8, 2011 and is filed under Market News

The combined market capitalisation (m-cap) of the country’s top 10 firms declined by Rs 60,046.55 crore during the last week, with telecom giant Bharti Airtel and banking major SBI emerging as the biggest losers.

The market cap of Bharti diminished by Rs 10,652.05 crore in the week gone by to Rs 1,33,198.01 crore.

The private telecom firm had last week reported 31% decline in consolidated net profit at Rs 1,400.7 crore for the fourth quarter ending March 31, mainly due to high cost of African operations, re-branding expenses and high spectrum charges.

According to analysts, Bharti’s fourth quarter performance remained below market expectations. “Bharti’s result are little lower than expectation. The company’s profits are also below estimate,” SMC Capitals Strategist and Head of Research Jagannadham Thunuguntla said.

During the week, the company’s stock fell by over 7% to finally close at Rs 350.75 apiece on the BSE.

Country’s biggest lender SBI also witnessed a decline in m-cap as it shed Rs 10,328.11 crore from its kitty to take its valuation to Rs 1,67,824.68 crore.

Corporate leader Reliance Industries’ market worth slipped by Rs 8,691.36 crore to Rs 3,12,757.83 crore, while state-owned ONGC lost Rs 2,523.87 crore to take its valuation to Rs 2,61,754.91 crore.

State-run firms like Coal India and NTPC, too, saw decline in their respective m-cap, with the former losing Rs 6,853.25 crore from its m-cap which stood at Rs 2,33,231.59 crore, while the latter shed Rs 5,813.04 crore to Rs 1,44,213.1 crore.

Two of the IT bellwethers, TCS and Infosys Technologies, together lost Rs 4,822.19 crore from their combined market valuations. The m-cap of TCS stood at Rs 2,24,011.33 crore, while that of Infosys was at Rs 1,65,748.48 crore.

The market cap of diversified business group ITC also diminished by Rs 6,577.39 crore to Rs 1,41,955.44 crore, while that of ICICI Bank’s m-cap eroded by Rs 3,785.29 crore to Rs 1,24,560.71 crore.

The BSE key index Sensex fell by 617.15 points, or 3.22%, to settle at 18,518.81 during the last week.

Source: Business Standard

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