Reliance Industries is the most valuable firm in India, according to the 2023 Hurun Global 500, a ranking of the world’s 500 most valuable non-state-controlled corporations announced on Wednesday.
However, no Indian firm appeared in the top 40 worldwide. Reliance Industries ranked 44th, with a total worth of $198 billion. According to the survey, Reliance, which was the most valuable Indian firm last year, dropped ten ranks in the rankings as its net value declined by 2% throughout the year.
Reliance Industries was followed by Tata Consultancy Services (60), and HDFC Bank (68). TCS’s net worth increased by 14 percent to $158 billion over the year. Its ranking improved by five spots in 2023.
“Following its merger with sister company mortgage provider HDFC, India-based HDFC Bank advanced 43 positions to 68th place,” according to the report.
Titan Company and Sun Pharmaceutical Industries have reached the top 500 ranks, with Titan expanding with 90 new outlets and Sun Pharma making important acquisitions in Israel.
Notably, 48 firms, including Binance and Activision Blizzard, went off the list as their values fell. For India, it featured three Adani Group companies: Adani Transmission, Adani Green Energy, and Adani Total Gas. Overall, India dropped one position to sixth place, with 18 enterprises on the list.
Globally, the ranking underlined that this is the first time five corporations have reached the $1 trillion value threshold. These included Apple, Microsoft, Alphabet, Amazon, and Nvidia. All four top-ranked firms were the same.
The Impact of ChatGPT
Interestingly, Microsoft ($708 billion) and Nvidia ($697 billion) witnessed the most valuation gains. Both of these firms are affiliated with the artificial intelligence software ChatGPT. Microsoft has made major investments in ChatGPT’s parent business, OpenAI.
Nvidia, on the other hand, offers the company’s chips. It surged 14 ranks over the previous year as its fortune quadrupled.
“Perhaps the single biggest winner of ChatGPT’s explosion into the world a year ago has been Nvidia, which struck gold by dominating with powerful chips for AI, data centres and emerging technologies like autonomous vehicles and the metaverse,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
OpenAI itself featured on the list for the first time at 291st rank with a valuation of $50 billion.
“OpenAI broke into the Hurun Global 500 for the first time with a valuation of $50 billion, although it is currently in talks to raise investment at $86 billion,” Hoogewerf added.
Taiwan-based TSMC was another semiconductor company in the top 10 with a valuation of $512 billion. All companies in the top 10, except TSMC, were from the USA.
Furthermore, Eli Lilly joined the top ten with a valuation of $526 billion, up 62 percent from the previous year. The company’s success can be credited to its new weight-loss medication, Zepbound.
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Source: Business Standard
