Aditya Birla Group m-cap tops $50bn for 1st time

MUMBAI: 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 on Friday.

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 Ambaniled 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.