Mumbai, Dec 14 (UNI) Oil and Gas, telecom, IT, financial, engineering and Infrastucture companies led the rally of wealth creation in Indian market during the year 2002 to 2007, according to a study.
Speaking on the occasion of releasing the study report , ''12th annual wealth creation study'' brought out by Motilal Oswal financial services, here today, company Managing director Raamdeo Agarwal said that in the near future, financial, steel and cement stocks would be the key wealth creators.
In the list of 100 top wealth creators in the study, Reliance Industries was ranked first with net wealth creation of Rs 1,85,600 crore. Followed by state-run company ONGC at Rs 1,49,000 crore on the second, Bharti Airtel was at the third with Rs 1,36,600 crore and on the fourth rank, Infosys stood with Rs 85,500 crore.
India's second largest lender ICICI bank was on the fifth position, which created net wealth of Rs 56,600 crore while India's largest lender State Bank held ninth with wealth creation of Rs 40,700 crore. Infrastructure and engineering major Larsen&Toubro was at eighth rank with Rs 43,300 crore and IT major Wipro stood at tenth with Rs 39,400 crore.
The study in its key findings said that the top 100 wealth creators created Rs 16 lakh crore between 2002 and 2007 and the top ten wealth creators accounted for about 50 per cent of this.
The fastest wealth creating company was BF Utilities, with whopping five year stock price at the rate of 270 per cent per annum.
It has grown about 660 times in the last five years. Wipro in the last 15 years has grown at about 47 per cent compounded.