Home Finance News Tirupati Temple Richer than Wipro, Nestle, ONGC And IOC

Tirupati Temple Richer than Wipro, Nestle, ONGC And IOC

Tirupati’s world well-known Lord Venkateswara temple’s internet value of over Rs 2.5 lakh crore (about $30 billion) is greater than the market capitalisation of IT providers agency Wipro, meals and beverage firm Nestle and state-owned oil giants ONGC and IOC.

Tirumala Tirupati Devasthanams, keeper of the temple devoted to Tirupati’s presiding deity, for the primary time since its founding in 1933 declared its internet value.

Its property embody 10.25 tonnes of gold deposits in banks, 2.5 tonnes of gold jewelry, about Rs 16,000 crore of deposits in banks, and 960 properties throughout India. All these complete to over Rs 2.5 lakh crore.

At present buying and selling value, the networth of Tirupati temple is greater than a number of blue-chip Indian companies, based on inventory change knowledge.

Bengaluru-based Wipro had a market cap of Rs 2.14 lakh crore at shut of buying and selling on Friday, whereas UltraTech Cement had a market worth of Rs 1.99 lakh crore.

Swiss multinational food and drinks main Nestle’s India unit, with a market cap of Rs 1.96 lakh crore, too was valued beneath it.

State-owned oil behemoths Oil and Pure Fuel Company (ONGC) and Indian Oil Company (IOC) too have been valued lower than the temple belief and so was energy big NTPC Ltd, auto makers Mahindra and Mahindra and Tata Motors, world’s largest coal producer Coal India Ltd, mining conglomerate Vedanta, actual property agency DLF and a number of other others.

Solely about two dozen firms have market valuation bigger than the temple belief’s networth.

These embody billionaire Mukesh Ambani’s Reliance Industries Ltd (Rs 17.53 lakh crore), Tata Consultancy Companies (Rs 11.76 lakh crore), HDFC Financial institution (Rs 8.34 lakh crore), Infosys (Rs 6.37 lakh crore), ICICI Financial institution (Rs 6.31 lakh crore), Hindustan Unilever Ltd (Rs 5.92 lakh crore), State Financial institution of India (Rs 5.29 lakh crore), Bharti Airtel (Rs 4.54 lakh crore) and ITC (Rs 4.38 lakh crore).

Tirumala Tirupati Devasthanams (TTD) is rising richer and richer because the money and gold choices made by devotees on the hill temple proceed to rise and glued deposits in banks are additionally producing extra revenue in view of enhance in rates of interest, a temple official stated.

The property owned by TTD embody land parcels, buildings, money and gold deposits within the banks, given as choices to the temple by devotees.

Assigning a price to priceless vintage jewelry and properties together with cottages and visitor homes on the seven hills to offer facilities to devotees could possibly be deceptive and therefore doesn’t type a part of the estimated normal asset worth, temple officers stated.

The sprawling seven hills are held sacred by devotees and are revered because the abode of Lord Venkateswara.

In its about Rs 3,100 crore annual finances for 2022-23 offered in February, the TTD has projected over Rs 668 crore as revenue within the type of pursuits from money deposits in banks. Additionally, Rs 1,000 crore revenue was predicted within the type of money choices alone — by about 2.5 crore devotees — within the hundi of the hill temple.

TTD administers numerous temples in Andhra Pradesh, Tamil Nadu, Telangana, Odisha, Haryana, Maharashtra, and New Delhi.

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