The Top 10 Indian Companies listed on the Indian Stock Exchanges, based on their Market Capitalization as of 24th August 2020, have been discussed below.

Everyone would be interested to know which the largest company in India is. Some of us are not sure whether it is Reliance Industries or TCS or HDFC? Some companies are public companies listed in stock exchanges but some others are privately held companies. There are several criteria to measure the size of a company such as its turnover, net profit after tax, market capitalization, enterprise valuation, capital employed etc.

Here we need to adopt criteria for measuring the size to arrive at the top 10 companies. Since the parameters of turnover, profitability, enterprise valuation etc have varying weightages in different sectors, we have selected Market Capitalization or Market Cap as the best criteria for measuring the size. Please note that, since we have selected market cap as the criteria, many privately held companies (like Reliance Jio, Bennett Coleman & co. Ltd (Times Group), Parle Products, Amul, Zomato, Byju’s App etc) are not included in the top 10 list as, being unlisted companies, the concept of Market Cap is not applicable to them.

Market capitalization is the aggregate market valuation of a company based on its current share price and the total number of outstanding stocks. It can be simply calculated by multiplying the current market price of the company’s share with its total outstanding shares.

Based on the market cap of companies listed on Indian stock exchanges, the top 10 Indian companies, in ascending order, are discussed hereafter. The figures for these calculations have been taken based on the closing price of shares, as on 24th August 2020, listed on Bombay Stock Exchange (BSC) and extracted from

Viewers should keep in mind that stock prices change every day by market forces hence the market cap will also keep changing. For the purpose of US$ conversion, 1 US$ = 74.09 Indian Rupees.

Number 10- ITC Limited

ITC Limited is an Indian multinational conglomerate company headquartered in Kolkata, India. It was established in 1910 as the ‘Imperial Tobacco Company of India Limited, the company was renamed the ‘India Tobacco Company Limited’ in 1970 and later to ‘I.T.C. Limited’ in 1974. ITC has a diversified presence across industries such as Cigarettes, FMCG, Hotels, Packaging, Paper boards & Specialty Papers and Agribusiness. It has a market cap value of ₹. 2,41,847.56 crores, equal to 32.64 billion US$.

Number 9- ICICI Bank Ltd

It is an Indian multinational banking and financial services company headquartered in Mumbai and its registered office in Vadodara, Gujarat. It offers a wide range of banking products and financial services in the areas of investment banking, life, non-life insurance, venture capital, and asset management. ICICI Bank currently has a network of around 5,324 branches and 15,688 ATMs across India. The market cap value of ICICI bank is . 2,62,172.73 crores, equal to 35.39 billion US$ as on 24th August 2020.

Number 8- Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of 24th August 2020, it is the second largest Indian private sector bank by market capitalization, with 1600 plus branches and 2500 plus ATMs and with a market cap value of . 2,74,467.76 crores, equal to  37.05 billion US$.

Number 7- Bharti Airtel Limited

Also known as Airtel, it  is an Indian global telecommunications services company based in New Delhi, Delhi NCT, India. It operates in 18 countries across South Asia and Africa, and also in the Channel Islands. The market cap value of Bharati Airtel is . 2,87,616.98 crores, equal to 38.82 billion US$.

Number 6- HDFC Limited

Expanded as Housing Development Finance Corporation Limited, is an Indian financial services company based in Mumbai, India. It is a major housing finance provider in India, with a presence in banking, general insurance, asset management, realty, venture capital and other areas. The market cap value of HDFC, as on 24th August 2020, is . 3,27,684.49 crores, equal to 44.23 billion US$.

Number 5- Infosys Limited

Infosys Limited is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It is the second-largest Indian IT company after Tata Consultancy Services with its headquarters in Bangalore, Karnataka, India. The market capitalization value of Infosys is . 4,03,449.00 Crores, equal to 54.45 billion US$.

Number 4- Hindustan Unilever Limited (HUL)

HUL was established in 1933. It is a British-Dutch manufacturing company headquartered in Mumbai, India. Its products include foods, beverages, cleaning agents, personal care products, water purifiers, and consumer goods. The market capitalization value of HUL is . 5,15,585.26 Crores, equal to 69.59 billion US$.

Number 3- HDFC Bank Limited

HDFC Bank is an Indian banking and financial services company that was incorporated in 1994, with its registered office in Mumbai, India. It is the largest private sector bank in India by assets and market cap. HDFC Bank was the first bank in India approved by the RBI to offer financial services in the private sector. As of September 30, 2019, the Bank had a nationwide distribution network 5314 branches and 13514 ATM’s in 2768 cities/towns.  As on 24th August 2020, the market capitalization value of HDFC Bank is . 6,14,153.74 Crores, equal to 82.89 billion US$.

Number 2- Tata Consultancy Services Limited (TCS)

TCS is an Indian multinational information technology (IT) service and consulting company headquartered in Mumbai, Maharashtra, India. It is a subsidiary of Tata Group and operates in 149 locations across 46 countries. TCS is the second largest Indian company by market capitalization. TCS is now placed among the most valuable IT services brands worldwide. The market capitalization value of TCS is . 8,43,517.32 crores, equal to 113.85 billion US$.

Number 1- Reliance Industries Limited (RIL)

Reliance Industries is an Indian multinational company headquartered in Mumbai and is the largest company by market capitalization. The company was co-founded by Dhirubhai Ambani and Champaklal Damani in the 1960s as Reliance Commercial Corporation. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India, currently managed by Mr. Mukesh Ambani. The market capitalization value of Reliance Industries, as on 24th August 2020, is . 13,50,916.83 crore, equal to  182.33 billion US$.

So we have two companies in the 100 billion $ club- Reliance Industries and TCS.

Thank you.

Dileep K Nair

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