Boosted by a stellar listing of Aditya Birla Capital, the financial services holding company of the Kumar Mangalam Birla-led Aditya Birla Group, the conglomerate's total market capitalisation crossed the $50-billion mark for the first time yesterday. At close of the trading session, UltraTech Cement led with a market value of Rs.1.1 lakh crore and the entire group had a total market cap of Rs.3.4 lakh crore -translating into about $53.5 billion.
At the current market cap, the group stands third among the large Indian private conglomerates. Topping the chart is the N Chandrasekaran-led Tata Group, which has a market value of nearly Rs.8.5 lakh crore ($132 billion). It's followed by the Mukesh Ambani-led Reliance Group with a market cap of almost Rs.5.4 lakh crore ($83.7 billion).
In Friday's market, shares of Aditya Birla Capital were listed on the NSE at Rs.250. They touched an intra day high of Rs.255, then an intra-day low of Rs.238, and closed at the day's low. The stock was down 5% from its debut price. The listing was the result of a complex scheme of arrangement within the Aditya Birla Group in which Aditya Birla Nuvo, another holding company, was merged with Grasim Industries, and the financial businesses were demerged into a separate company and listed.
At the current stock price, Aditya Birla Capital -which is a subsidiary of Grasim Industries -has a market capitalisation of about Rs.54,600 crore. Just about two months ago, a private investment vehicle owned by Wipro chairman Azim Premji had picked up a 2.2% stake in the company for Rs.703 crore, which valued the company at about Rs.32,000 crore.