The stock zoomed nearly 10 per cent in early trades and remained steady at that level.
New Delhi:
Britannia Industries is the latest firm to join the elite club of companies with a market cap of Rs 1 lakh crore or above.
The biscuit maker achieved this landmark as the shares surged to a 52-week high of Rs 4,189 on BSE today.
The stock zoomed nearly 10 per cent in early trades and remained steady at that level throughout the trading session. Britannia ended the day at Rs 4,142.20, a gain of about 9 per cent over the previous day’s close.
Market analysts attributed the strong buying support to good earning numbers the biscuit maker has reported for the July-September period of the current financial year.
The earnings beat expectations as the company reported a profit of Rs 491 crore on sales of Rs 4,380 crore for the July-September. The profit stood at Rs 382 crore in the same period last year.
Equity 99, a Securities and Exchange Board of India (SEBI)-registered stock advisory firm, termed the earning numbers as “superb”. Sales rose to Rs 4,380 crore during the period under review against Rs 3,607 crore in the same period last year.
Domestic institutional investors (DIIs) and foreign institutional investors (FIIs) have increased their holding of Britannia during the July-September period, according to a note by Equity 99. The holding of DIIS has almost doubled 16.12 per cent from 8.74 percent, it added.
Mukesh Ambani-led Reliance Industries with a market capitalisation of Rs 1,761,466.13 crore leads the list of most valued companies in India.
Software exporter Tata Consultancy Services is the second most valued company at Rs 1,180,044.12 crore.
HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, State Bank of India, Bharti Airtel and HDFC figure among the top 10 most valued companies in that order.
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