List of Top 10 Companies in India [2024 Updated List]

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Top 10 companies in India

India is witnessing rapid economic expansion. It holds an impressive list of its most renowned corporations that have made significant contributions across a wide range of sectors including technology, finance, and consumer goods.

The Indian stock market reached a valuation of ₹334.7 trillion of which about ₹180 trillion in Indian Rupees is being contributed by the top 50 companies, as of now the market position of corporate conglomerates continues to define the dynamics in different sectors.

So to gain better insights into these corporate giants, this article will present an exclusive list featuring the top 10 companies in India, by market capitalization as of July 5, 2024, offering a glimpse into their respective sectors and remarkable financial achievements.

Top 10 Companies in India 

1. Reliance Industries Limited

Reliance Industries Limited

Reliance Industries Limited (RIL), a leader in the Indian corporate landscape, remains strong after unprecedented growth over five decades, consistently ranking among the top 10 companies in India

This multinational conglomerate, founded by Dhirubhai Ambani in 1958 and now led by Mukesh Ambani, began as a humble textile manufacturing unit in the bustling city streets. It has since expanded into various sectors, including petrochemicals, refining, oil and gas exploration, retail, telecommunications, and media.

Reliance Retail, the organized retail division, provides a wide array of products such as groceries, electronics, and apparel through its extensive network across India. Additionally, their textiles division manufactures fabrics, clothing, and home furnishings for both domestic and international markets.

Significantly, approximately 76% of RIL’s revenue comes from refining, with petrochemicals contributing 19%, oil & gas accounting for 2%, and other segments making up the remaining 3%.

On April 24th, Reliance Industries unveiled their latest venture into the Indian consumer electronics and home appliances market with the launch of a new brand, Wyzr India. Their objective is to compete with international companies by expanding their product offerings and collaborating with Indian manufacturers to produce these goods.

In recent years, Reliance Industries Limited (RIL) has spearheaded India’s digital transformation through Jio Platforms, their telecom subsidiary which has emerged as a prominent player in telecommunications and e-commerce. Additionally, RIL has partnered strategically with Microsoft to accelerate digital transformation efforts and has made significant investments in green energy projects in Gujarat.

With a legacy spanning over five decades, Reliance Industries Limited (RIL) has established itself as a symbol of innovation, excellence, and sustainability in the global Indian business landscape. Currently, RIL boasts a market capitalization of 2,100,747.81 Crore INR, underscoring its prominent position in the market.

2. Tata Consultancy Services

TCS

Tata Consultancy Services Limited (TCS) is an Indian multinational IT service provider and a key entity within the Tata Group. Headquartered in Mumbai, it operates across 150 locations spanning 46 countries. As of September 23rd, 2023, TCS employs over 616,000 professionals, making it a leading global employer.

Founded in 1968 by Tata Sons Limited, TCS ranks among top 10 companies in India. In 2024, it secured the seventh position on Fortune India’s list of top companies, boasting a market capitalization of INR 1,434,662.15 Crore. This achievement marked TCS as the first Indian tech giant to reach such heights.

TCS operates across diverse sectors including Banking, Financial Services, Insurance, Manufacturing, Retail, Consumer Business, Communication, Media, Technology, Life Sciences, and Healthcare. Its services encompass a wide range from technology platforms for clinical research and financial solutions to cloud-native services and customer intelligence insights.

On June 7th, 2024, TCS launched WisdomNext™, a GenAI platform that integrates various AI models and tools across multiple cloud services. This initiative aims to facilitate seamless adoption of large-scale AI solutions by businesses.

Recently, TCS announced a dividend of Rs. 28 per share for fiscal year 2024, yielding 1.73%. In Q4 of the same fiscal year, TCS reported consolidated profitability of approximately Rs. 12,434 crore with revenues nearing Rs. 61,237 crore. Following an interim payout of Rs. 18 per share, TCS is expected to propose an additional final dividend soon.

3. HDFC Bank

HDFC Bank

HDFC Bank has established itself as a prominent financial institution in India, serving a global clientele of over 43 million since its inception in August 1994. Operating under the umbrella of its parent company HDFC (Housing Development Finance Corporation), HDFC Bank received regulatory approval from the Reserve Bank of India to operate in the private banking sector.

As of April 2024, HDFC boasts a market capitalization of 1,345,610.55 Crore, making it the third-largest firm listed on Indian stock exchanges. The bank offers a comprehensive range of financial services, including personal finance, net banking for online transactions, home loans, fixed deposits, and mobile-based facilities.

Recently, there has been speculation about MUFG, Japan’s leading financial entity, expressing interest in acquiring a 20% stake in HDFC Bank’s non-bank subsidiary, HDB Financial Services. This potential acquisition could value the subsidiary between $9 billion and $10 billion, pending a decision at an upcoming board meeting.

4. ICICI Bank

ICICI Bank

ICICI Bank Limited, established in 1994 and based in Mumbai with a registered office in Vadodara, provides a wide array of banking services for individuals and businesses alike.

These offerings encompass savings accounts, loans for sectors such as housing and automotive, debit/credit card availability, insurance solutions, investment opportunities, and even mortgages. These services are accessible through online platforms catering to both individual consumers and corporate clients.

ICICI is widely recognized as one of India’s premier banking institutions, catering to both retail consumers and corporates with an expansive array of products and services.

Private banking, venture capital initiatives, life and non-life insurance, securities broking services, and asset management are all consolidated under a single entity catering to high-net-worth individuals. The market capitalization currently stands at 845,468.40 crore INR, according to the latest statistics.

ICICI Bank operates more than 5900 branches across India and has subsidiaries in 17 countries, including the UK, Canada, the US, Singapore, Bahrain, Hong Kong, Qatar, Oman, and the Dubai International Finance Centre. Additionally, it has representative offices strategically located in the UAE, Bangladesh, Malaysia, and Indonesia.

5. Bharti Airtel

Bharti Airtel

Airtel is a leading Indian multinational telecommunications services company founded by Sunil Mittal back in 1984. Initially, he started assembling push-button phones that replaced older rotary models.

In 1992, Mittal secured one of the four mobile network licenses auctioned off in India, marking Bharti’s entry into the telecom services industry. Launching operations in Delhi a few years later (1995), Airtel quickly became India’s first telecom company to surpass the 2 million subscribers milestone.

Providing comprehensive communication solutions including advanced technologies like 5G, 4G and LTE across 18 countries within South Asia and Africa contributes primarily towards its core business operations while making it the second-largest mobile network operator globally.

In recent times (2024), Airtel expanded further by acquiring Telecom Seychelles for Rs 288 crore and investing in Qualcomm India with a 49% stake worth Rs 907 crore, broadening its footprint across diverse sectors within the telecommunication industry. Effective from June 3, 2024, Bharti Airtel appointed a new CEO, Sharat Sinha.  Currently, its market cap stands at 821,943.37 Crore INR.

6. State Bank of India

State Bank of India

The State Bank of India (SBI), founded way back in 1806, has grown into one of the largest and most diversified banks and also one of the top 10 companies in India, operating within the Indian financial realm with an impressive repertoire offering wide range monetary solutions tailored towards different sectors – retail banking, corporate sector services, investment banking and wealth management.

This prominent institution stands as a key player amidst competitive dynamics present in India’s bustling banking industry

SBI gained itself a reputation as the best company in India in the banking sector, by maintaining its strong foothold by focusing on digital transformation endeavors evident from recent launches involving assorted e-banking facilities designed to elevate customer experience while holding a current market capitalization of 749,622.78 Crore INR (as of latest information).

7. Infosys

Infosys

Infosys stands tall among the top 10 companies in India, being a renowned multinational tech company headquartered in Bangalore with roots dating back to 1981. Over the years, it has made its mark as an influential player within the global IT industry offering cutting-edge services encompassing domains like business consultancy, information technology, and outsourcing solutions that cater to various needs of clients across different sectors.

Globally, Infosys enjoys a strong reputation, consistently ranked among the most respected companies. It is renowned for its expertise in Information Technology Services on an international scale. Infosys played a pivotal role in India’s evolution into a global software services hub, pioneering the Global Delivery Model and becoming the first Indian IT firm listed on NASDAQ.

On June 10th, 2024, tech giants GitHub and Infosys introduced the first-ever ‘GitHub Center of Excellence’ in Bangalore – aimed at propelling worldwide economic growth through AI technologies and advanced software solutions. By incorporating GitHub Copilot into their developer teams, this collaboration boosts speed and efficiency for Global Systems Integrators when developing complex projects.

Infosys’ financial performance is reflected in its market capitalization of 675,701.11 Crore INR. The company remains committed to technological excellence and innovation, ensuring it delivers high-quality services tailored to meet specific client needs. This dedication solidifies Infosys as a cornerstone of India’s advanced tech landscape.

8. Life Insurance Corporation of India

Life Insurance Corporation of India

Life Insurance Corporation (LIC) represents an eminent Indian multinational public sector life insurance organization headquartered in Mumbai since its establishment year back in 1956 as a leading entity within the national landscape offering a comprehensive range of insurance products such as policies covering life, health, and pension plans.

Being counted amongst the largest companies within India, LIC’s market capitalization stands at 625,036.27 crore INR reflective of its stature and contributions towards the insurance industry in general.

9. Hindustan Unilever Limited

Hindustan Unilever Limited

Hindustan Unilever Limited (HUL), a prominent consumer goods company in India and a top 10 company in the country, offers a wide range of products across various segments such as foods, beverages, personal care, hygiene, and household cleaning.

Founded in 1933, HUL has grown significantly to become a major player in the Indian consumer goods market. The company’s primary business includes manufacturing and marketing a diverse portfolio of consumer goods, including edible oils, home care products, toiletries, and skincare essentials. HUL focuses on customer satisfaction through continuous innovation and sustainable practices, aligning well with current market trends and ecological balance.

On June 10th, 2024, HUL appointed Arun Neelakandan as the new Executive Director of Customer Development, succeeding Kedar Lele.

With robust strategies and a commitment to innovation and sustainability, HUL has achieved a current Market Cap of approximately INR 589,829.64 Crore, reinforcing its position as a leading consumer goods company in India dedicated to creating value for all stakeholders.

10. ITC Ltd

ITC Ltd

ITC Ltd, a leading Indian conglomerate, boasts of its diversified presence, spanning across sectors such as foods, personal care products and hygiene goods, paperboards, and agri-business among others.

Established in the year 1867, this established entity has since expanded exponentially into major economic contributors within numerous industries while consistently maintaining market capitalization at approximately 534,916.63 Crore INR.

On June 6, 2024, ITC’s shareholders agreed on demerging the Hotels division with almost unanimous approval, 99.6%. This decision created a new subsidiary named ‘ITC Hotels Ltd.’ where ITC shareholders own 60% and another 40% is held by ITC itself, keeping full control over their hotel business economically.

Conclusion

Here we discussed the top 10 companies in India, analyzed by their market cap. These companies have shaped the landscape of the Indian economy, from Information technology to banking sectors. Knowing about these companies is important to appreciate the value of diverse businesses for any economy to sustain and thrive.

The future of the corporate industry seems promising, with new players arising in the scene. The market, which is highly competitive where the leaderboard can change anytime, and the new atmosphere of innovations from cloud computing to AI, bring forth new sectors of companies and consumer markets into the economy.

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