Business Today

Shrinking Level

There are fewer new entrants in BT 500 this year, and their market value is also lower.

As various investment avenues like real estate, gold and fixed deposits were going through a series of crises, the stock market was thriving, mainly due to domestic investors. The BSE Sensex went up by around 16 per cent and seven per cent in the years ending September 2018 and 2019, respectively. But the fast paced ride was not enough to enthuse companies to come out with initial public offerings (IPOs).

The number

Besides, the new entrants have a total market cap (full year average) of Rs 81,646 crore, just one sixth of the valuation of new entrants in the 2017 18 period. The biggest new player in the list this year is cement manufacturer Dalmia Bharat, which had a full year (October 2018 September 2019) average market value of Rs 19,334 crore and stands at 136th position in BT 500. However, its value has seen a fall of almost 20 per cent to Rs 15,844 crore (as on November 5). The company posted a consolidated profit of Rs 349 crore on a revenue of Rs 9,484 crore in the quarter ended September. This year, the second biggest addition this time has been Adani Gas. It stands at the 178th position with an average market value of Rs 13,943 crore. The latest numbers show that its value went up further to Rs16,145 crore (November 5), after news of a strategic investment by French oil major Total SA, which will buy 37.4 per cent stake in the company for Rs5,700 crore, came out.

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