On a day when Reliance Communications recorded a market capitalisation over Rs 1,00,000 crore for the first time, Bharti Airtel stole a march over it as Bharti’s market capitalisation grew even faster.
Over the last few months the Reliance Communications stock had over performed Bharti Airtel and especially after the news of the possible bid by Reliance Communications for Hutchison Essar.
While the Reliance Communication scrip moved up by 3.42 per cent on the National Stock Exchange, the Bharti Airtel scrip moved up by a massive 5.34 per cent.
The market capitalisation of Reliance Communication closed at Rs 1.02 lakh crore on Wednesday. The company also recorded its all time high price of Rs 496.50 on the NSE before closing at Rs 490.80.
Reliance Communications had been listed on the bourses on March 6, 2006 and the market capitalisation on that day was Rs 37,550 crore. In the period since then the market cap has grown by around Rs 65,000 crore.
Bharti Airtel’s market capitalisation now has jumped up to Rs 1.46 lakh crore with the scrip jumping from Rs 731.5 to Rs 770.60 during Wednesday’s trading. The scrip has also touched the high Rs 777.95.
Bharti is also the best performer in the Sensex with its scrip going up 5.39 per cent on the Bombay Stock Exchange and is followed by Larsen Toubro, HDFC and Reliance Communications.
Both these companies are among Asia’s five most valuable telecom companies. These were also the only major all India telecom players that are listed. Idea Cellular is all set to go in for its initial public offering.
Reliance Communication scrip has moved up to the seventh spot now in the rankings in terms of market capitalisation and is trailing behind ONGC, NTPC, RIL, TCS, Infosys and Bharti.
March 6 – Listing with Rs 37,550 crore
20 September - RCOM market cap touches Rs 70,000 crore for the first time
30 October - market cap touches Rs 80,000 crore
01 December - market cap touche Rs 90,000 crore
February 2, 2007 – Rs 1.02 lakh crore