Despite the broader market’s are falling, Infosys’ steady rise showcases its strong positioning within India’s IT sector.
Infosys, the leading IT giant co-founded by Narayana Murthy, achieved a significant increase in its market capitalization, adding Rs 6,913.33 crore in just five days, according to a PTI report. By October 14, 2024, Infosys’ market value soared to Rs 8.15 lakh crore, with shares closing at Rs 1,966. This performance was significant as compared to many other major Indian companies, such as Tata Consultancy Services (TCS) and Reliance Industries, which saw declines in their market caps during the same period.
Infosys Market Growth
Infosys witnessed consistent gains over the week, with its market capitalization rising from Rs 8,03,440.41 crore to Rs 8.15 lakh crore in just five days. On Monday, October 14, Infosys’ share price surged by Rs 30.90, further adding the company’s positive momentum and solidifying its presence in the competitive IT sector.
Infosys Vs TCS, Reliance Industries
Despite Infosys’ impressive gains, Mukesh Ambani’s Reliance Industries remains India’s most valuable domestic company, followed by Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, ICICI Bank, and Infosys. While Infosys is growing rapidly, it still lags behind these industry giants in terms of total market capitalization.
Impact of Market Volatility:
Infosys’ success comes amid volatile broader market, where seven of India’s top ten companies, including TCS and Reliance Industries, faced significant losses. Combined, these firms saw a market value drop of Rs 1,22,107.11 crore. TCS, India’s largest IT company, experienced a market valuation declined of Rs 35,638.16 crore, while Reliance Industries lost Rs 21,351.71 crore. These declines are attributed to weak equity market trends, with the BSE benchmark index falling by 0.37%.