Coal India becomes third most powerful Indian company

State-run Coal India, CIL, has become the third most powerful Indian company with a total market capitalisation of 2, 09,671 crore rupees and is only lagging behind RIL and ONGC. The coal behemoth added another feather to its cap last week when it replaced IT giant Tata Consultancy Services to become the country's third most coveted firm. CIL added 7, 611 crore rupees to its valuation, which on Friday stood at 2, 09, 671. 57 crore rupees.
According to market analysts, investors are optimistic about the stock and looking at the cash balance of the company it is likely that it may go for acquisitions either in the domestic space or overseas. The country's top two lenders-- SBI and ICICI Bank-- together shed Rs 8,611.26 crore from their cumulative market valuations. The m-cap of SBI and ICICI stood at Rs 1,89,976.31 crore and Rs 1,31,912.11 crore, respectively. The valuation of power major NTPC also declined by Rs 6,472.7 crore to Rs 1,51,963.83 crore, while that of FMCG giant ITC diminished by Rs 2,268.9 crore to Rs 1,31,407.57 crore.