Market analysts attributed the strong buying support to the biscuit maker's good earnings numbers for the July-September period of the current fiscal year.
Digital Desk: Britannia Industries is the latest company to join the exclusive club of companies with a market capitalization of one lakh crore or more.
The biscuit maker reached this milestone today, when its shares hit a 52-week high of 4,189 on the BSE.
The stock jumped nearly 10% in early trades and remained there throughout the trading session. Britannia closed the day at 4,142.20, up about 9% from the previous day's close.
Market analysts attributed the strong buying support to the biscuit maker's good earnings numbers for the July-September period of the current fiscal year.
Earnings for the July-September period exceeded expectations, with the company reporting a profit of 491 crores on sales of 4,380 crores. Profit for the same period last year was 382 crore.
The earnings were described as "superb" by Equity 99, a stock advisory firm registered with the Securities and Exchange Board of India (SEBI). During the review period, sales increased to 4,380 crores, up from 3,607 crores in the same period last year.
Domestic institutional investors (DIIs) and foreign institutional investors (FIIs) increased their holdings of Britannia during the July-September period, according to Equity 99. DIIS's stake has nearly doubled, increasing from 8.74 percent to 16.12 percent.
With a market capitalization of 1,761,466.13 crores, Mukesh Ambani's Reliance Industries is the most valuable company in India.
Tata Consultancy Services is the second most valuable company, with a market capitalization of 1,180,044.12 crores.
Among the top, ten most valuable companies are HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, State Bank of India, Bharti Airtel, and HDFC.
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