ITC chairman YC Deveshwar.Reuters File

American business magazine Fortune has ranked Indian Tobacco Company (ITC) Limited first among the top 45 most admired Indian companies for the year 2014, replacing 2013 topper Tata Consultancy Services (TCS) Limited.

The tobacco conglomerate has replaced the 2013 topper and IT giant, TCS, which has slipped down to the sixth position this year, making way for ITC that was on the third position earlier, PTI reported.

Fortune has brought out a list of 45 most admired companies in India for 2014 and has placed ITC at the top along with the top four Larsen and Turbo, Hindustan Uniliver (HUL), Maruti Suzuki and State Bank of India (SBI) in descending series.

Maintaining last year's record, SBI and HUL remained among the top five, however, Infosys lost its position (fourth) to Maruti Suzuki in 2014 list.

19 new companies including Cognizant, Idea Cellular, GMR Infra, Abbott Pharma, Shapoorji Pallonji and BSES Rajdhani Power Limited have made their way to this year's list.

The list has been further divided into sectors including power, telecom and pharma. Apollo Hospitals, National Thermal Power Corporation Limited and Vodafone India has been ranked first in their respective sectors — pharma and healthcare, power, and telecom sectors.

Fortune partnered with Philadelphia's global management consulting firm Hay Group to bring out the final list of 45 companies. These were selected based on response from top industry executives after conducting a survey of over 1,500 companies.

This is Fortune's third list since it started to list most admired Indian companies in 2012.