Reliance Industries retains its status as India's most valuable company, as per the recently unveiled 2023 Hurun Global 500 list, a compilation of the world's 500 most valuable non-state-controlled enterprises. Released on Wednesday, the report underscores that, while Reliance Industries secured the 44th position globally with a total valuation of $198 billion, no Indian company managed to break into the top 40 ranks. Despite being the most valuable Indian company last year, Reliance Industries witnessed a ten-spot decline in the rankings, attributed to a 2% decrease in its net worth over the past year.
Following Reliance Industries, Tata Consultancy Services (TCS) claimed the 60th position, and HDFC Bank secured the 68th spot. TCS experienced a commendable 14% surge in net worth, reaching $158 billion, resulting in a five-spot improvement in its global ranking. HDFC Bank's rise to the 68th position is credited to its merger with sister company HDFC, propelling it 43 positions higher.
Titan Company and Sun Pharmaceutical Industries made their entry into the top 500 rankings. Titan's inclusion followed a strategic expansion with the establishment of 90 new stores, while Sun Pharma joined due to key acquisitions in Israel.
Globally, a notable development is the entry of five companies into the exclusive club of those surpassing a $1 trillion valuation, including Apple, Microsoft, Alphabet, Amazon, and Nvidia. The report also draws attention to Microsoft and Nvidia, both experiencing significant valuation gains—$708 billion and $697 billion, respectively. Of interest, both companies are associated with artificial intelligence software ChatGPT, with Microsoft making substantial investments in OpenAI, ChatGPT's parent company. Nvidia, renowned for its semiconductor contributions, catapulted 14 spots as its wealth tripled in the past year.
As for India on the global stage, it slipped one rank to sixth place, with a total of 18 companies securing positions on the list. Notably, 48 companies globally dropped off the list due to declining valuations, including prominent entities like Binance and Activision Blizzard, with three Adani Group companies from India—Adani Transmission, Adani Green Energy, and Adani Total Gas—also being affected.