India moves up to 5th place in list of world’s valuable firms | The Financial Express

India moves up to 5th place in list of world’s valuable firms

Reliance leads 20 Indian companies in Hurun Global 500 rankings

India moves up to 5th place in list of world’s valuable firms
There were only eight companies in the list last year, according to the 2022 Hurun Global 500 list.

India, with 20 of the most valuable companies in the world, has moved into the fifth position among countries that are home to the world’s top 500 firms. Last year, it ranked ninth with eight companies. The US continued to top the charts, according to the 2022 Hurun Global 500 list.

Of the 20 Indian companies featuring on the list this year, 11 are based in Mumbai, four in Ahmedabad and one each in Noida, New Delhi, Bengaluru and Kolkata. The list, released by the Hurun Research Institute, is a compilation of the 500 most valuable non-state-controlled companies in the world. Companies were ranked according to their market capitalisation (for listed companies) and valuations for non-listed companies.

With a $202-billion valuation, Reliance Industries (RIL) topped the charts of Indian companies, while it ranked 34th in the world. It was followed by Tata Consultancy Services ($139 billion) and HDFC Bank ($97 billion).

The list also saw the entry of four companies — Adani Transmission, Adani Green Energy, Adani Enterprises and Adani Total Gas — led by billionaire Gautam Adani, with a total valuation of $173 billion.

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Financial services led the way, with seven companies figuring on the list, followed by software and services and energy with three companies each.

City-wise, New York led the charts, Mumbai moved up three places to fifth, while Ahmedabad was the fastest-growing city in the world for Global 500 companies.

Global markets have had a bad year, with the exception of India, where the benchmark Sensex was up 12%. HK’s Hang Seng and Russia’s MOEX were both down by a half, Korea’s KOSPI down 31%, Shenzhen Component Index down 29%, Nasdaq was down 21%, Shanghai Composite Index down 16%, South Germany’s DAX down 15% and the UK’s FTSE was flat, it said.

Apple tops global charts

Globally, Apple retained the title of the most valuable company in the world with a market cap of $2.4 trillion and Microsoft came second ($1.8 trillion), while Alphabet, the parent company of Google, displaced Amazon to take the third place.

“Of the Big Four (Apple, Microsoft, Amazon and Alphabet), Apple withstood the global economic headwinds best, dropping only 3%, whilst Amazon was down a third as households felt inflation biting and Alphabet was down a quarter as advertisers cut their budgets,” Hurun Report chairman and chief researcher Rupert Hoogewerf said.

“The USA dominates when it comes to Hurun Global 500 companies, home to 52% of the G500 with 260 companies, and 65% or $30.3 trillion of the total value, significantly ahead of second-placed China with 35 companies, representing 6% of the total value,” he said.

China came in second with 35 companies, followed by Japan (28) and the UK (21). India and Canada moved up to the fifth place with 20 companies each, adding eight and three companies, respectively, overtaking France and Germany.

Fifteen companies broke into the Hurun Top 100 this year, led by energy giant Conocophillips (55th place) after its value doubled to $158 billion. Elon Musk-owned SpaceX moved up 134 places to 81. Weapons makers Raytheon Company and Lockheed Martin saw their values rise after the Russia-Ukraine war started.

Those who dropped off the list included crypto exchange Coinbase after the crypto crash, and US-based online food ordering and food delivery platform DoorDash, which failed to add its pandemic success to the bottomline.

The US and European economies moving on from the Covid years had a big impact on videoconferencing platform Zoom, which dropped out of the list despite being worth $107 billion last year. Other drop offs included Snap, Kuaishou, Adidas, Wuxi Biologics and Dell Technologies.

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First published on: 10-12-2022 at 06:20 IST