ITC beats HDFC Bank, Infosys in market cap to emerge third most valuable company

FMCG major ITC Ltd emerged the third most-valued firm on Tuesday after its shares surged 10 per cent on the Bombay Stock Exchange (BSE). With a steep rally, the stock also emerged as the top-gainer among the 30-Sensex scrips on Tuesday.

With a market capitalisation of Rs2,61,403.46 crore, ITC left Infosys and HDFC Bank behind. Infosys had a market capitalisation of Rs258,291.43 crore, higher than HDFC Bank's Rs248,946.98 crore at the close of trading on Tuesday.

TCS retained the numero-uno position with a market cap of Rs448,272.36 crore, followed by RIL (Rs3,18,213.86 crore).

Shares of ITC saw hectic buying on the day despite a hike in excise duty on tobacco products. Excise duty on cigarettes was hiked for the fifth year in a row as the government continued the crack down on consumption of tobacco and allied products. However, the hike was less than expected

The rally in ITC shares also helped BSE benchmark Sensex push higher by a whopping 777.35 points to 23,779.35. ITC stock was quoting at Rs330.95, up Rs5.85, or 1.80 per cent, at 09:17 hrs in the morning today.

The combined market capitalisation of five most-valued BSE-listed companies stood at Rs15,35,128 crore on Tuesday.