Tag : Nestle

Tirupati (The Hawk): With a net worth of over 2.5 lakh crore (roughly 30 billion USD), Tirupati's renowned Lord Venkateswara temple has a greater market value than IT services provider Wipro, the food and beverage manufacturer Nestle, and the state-owned oil tycoons Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation combined (IOC). For the first time since its creation in 1933, Tirumala Tirupati Devasthanams, caretaker of the temple devoted to Tirupati's presiding deity, disclosed its financial status. Among its assets are 10.25 tonnes of gold in bank deposits, 2.5 tonnes of gold jewellery, around 16,000 crore in bank deposits, and 960 properties spread out across India. The sum of all of these exceeds 2.5 lakh crore. Several blue-chip Indian companies are worth more than the Tirupati temple's net worth at the current market price, according to stock exchange data. At the close of trade on Friday, UltraTech Cement had a market value of $1.99 lakh crore, while Bengaluru-based Wipro had a market cap of $2.14 lakh crore. With a market cap of 1.96 lakh crore, the India division of the Swiss multinational food and beverage company Nestle was also undervalued. The temple trust was valued lower than state-owned oil giants Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), as well as the power giant NTPC Ltd, the automakers Mahindra and Mahindra and Tata Motors, the world's largest coal producer Coal India Ltd, the mining conglomerate Vedanta, the real estate firm DLF, and numerous other companies. Only a small handful of businesses have market values greater than the net wealth of the temple trust. These include Reliance Industries Ltd., owned by billionaire Mukesh Ambani, with revenues of Rs. 17.5 ...