Wipro Ltd, Asian Paints Ltd, and HCL Technologies Ltd were among the 12 Indian businesses that made the Hurun Global 500 list for 2021, while ITC Ltd dropped out.
Apple, the creator of the iPhone, has maintained its position as the most valuable corporation in the world, with a market value of $2.4 trillion, up 15%. With a market value of $188 billion, energy behemoth Reliance Industries Ltd topped the Indian list of businesses. Tata Consultancy Services Ltd came in second with $164 billion, followed by HDFC Bank with $113 billion.
Reliance fell two spots to 57th place overall, although its market capitalization increased by 11% over the period. Wipro, Asian Paints, and HCL Tech, all newcomers, were ranked 457th, 477th, and 498th, respectively.
Apple, Microsoft, Amazon, Alphabet, Facebook, and Tencent remained the world’s top six most valuable corporations.
The $36.6 billion cut-offs for this year’s list was up 15% from last year. The Hurun Global 500 is a ranking of the world’s 500 most valuable non-state-controlled corporations. The deadline for the most recent list was July 15, 2021.
With 12 firms on the list, India has risen above Australia to ninth place. With eight firms from the city, Mumbai had the most presence on the list, followed by two from Bengaluru and one each from Noida and New Delhi.
With four companies each, financial services and software and services led the way, followed by telecoms, which had two Indian enterprises on the Hurun Global 500 list. Globally, the United States dominated with 243 businesses, an increase of one; China came in second with 47, a decrease of four. Japan came in third with 30 points, while the United Kingdom came in fourth with 24.
“This year, the Hurun Global 500 added $8.5 trillion in value, owing to the maturing of the digital economy and new technologies, particularly in healthcare post-covid,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report. “Trillion-dollar economic stimulus packages, which have helped drive stock markets to record highs, particularly in the US,” said Rupert Hoogewerf.
According to the study, the top 10 businesses were valued at $12.2 trillion, up to $1.8 trillion, and accounted for 21% of the Hurun Global 500’s overall value.
Seven of the top ten are from the United States, but Alibaba fell two spots to ninth and Taiwan chipmaker TSMC got into the top ten.
Notably, Alphabet, Microsoft, Amazon, and Apple, all located in the United States, only added $1.5 trillion to the total, accounting for 18% of the total.
This year, a total of 48 firms made the Hurun Global 500. This was headed by Kuaishou, a Chinese video-sharing site that jumped into the top 200, and Coupang, a South Korean e-commerce platform that jumped into 237th position.
Other prominent winners were BioNTech, a German biotech startup that collaborated with Pfizer on a covid vaccination, and Coinbase, a bitcoin exchange.
On the other hand, 48 firms were eliminated from the list. New York Life Insurance claimed a 50% reduction in earnings, while furniture company IKEA reported a 29% drop in operating profit as a result of the epidemic.
Metals and mining led the way in terms of growth, rising 56 percent on the basis of a rise in copper and iron ore prices, followed by energy, which rose 31 percent on the back of a 61 percent increase in oil prices, and media & entertainment, which rose 28 percent. Hospitality, on the other hand, was down 17%.
Traditional carmakers made a comeback, boosting the auto sector’s value by 29%, with Toyota Motors up 57 percent to $292 billion and Volkswagen up 79 percent to $150 billion. Tesla was still the most valuable automobile business in the world, with a market capitalization of $621 billion dollars, putting it in eighth position.
“The world’s most valuable firms are becoming more valuable, with the total worth of the top ten companies have increased fivefold in the previous decade. Governments have taken notice of this concentration of economic power, with recent Chinese government measures hitting e-commerce platforms, fintech, and education stocks the hardest,” said Hoogewerf.