INSUBCONTINENT EXCLUSIVE:
NEW DELHI: At a time when 10 out of top 20 billionaires lost anywhere between $1 billion and $5 billion (Rs 7,000 crore- Rs 35,000 crore) in
wealth in the first 11 months of this calendar, India’s richest man Mukesh Ambani and hypermarket chain D-Mart owner Radhakishan Damani
added billions to their wealth
Ambani, whose entire wealth addition of 2018 got erased in the post-August selloff, has seen steady recovery in fortunes in the market
rebound in last one month.
The RIL scrip is up 12 per cent since October 26 against an 8.56 per cent rise in the BSE Sensex
The owner of the world’s largest and most refinery complex in Jamnagar is now worth $45.8 billion, according to Bloomberg Billionaire
The figure stood at sub-$40 billion level early October, still off an August high of $50.7 billion
Reuters data showed nine brokerages have ‘buy’ ratings on Reliance Industries, 16 have ‘outperform’ ratings, five have ‘hold’,
one ‘underperform’ and four have ‘sell’ ratings on this widely-tracked stock
Ambani’s another listed entity Reliance Industrial Infrastructure (RIIL) has jumped 6.6 per cent in this period
RIL, which also owns telecom giant Reliance Jio, is expected to see a 100 per cent jump in earnings over the next five years
Edelweiss Securities said the company’s RoCE is expected to surge – after assuming five years of cumulative losses in the telecom
business – as the value-accretive petcoke and off-gas cracker projects kick in.
“RIL’s strength lies in its ability to build
businesses of global scale and execute complex, time-critical and capital-intensive projects which will prove advantageous as it embarks on
large investments in all core segments,” the brokerage said in a recent note
Ambani’s wealth is up $5.52 billion year to date, Bloomberg data suggested
Damani, whose Avenue Supermarts is now among 30 top companies by market capitalisation on BSE, seen his wealth surge 21.5 per cent since
Analysts said the D-Mart owner is doing small things repetitively better and better
But they are not so bullish on the stock, given its rich valuations
The stock has one buy, four outperform, one hold, six underperform and three sell ratings, Reuters data showed.
Damani’s wealth dropped
$6.17 billion in October from $9.5 billion in August only to see a recovery later
At present, he is worth $8.23 billion, up $1.27 billion year-to-date
Kotak Mahindra Bank’s Uday Kotak (965 million), Wadia Group’s Nusli Wadia (up 9.15 million) and HCL Tech’s Shiv Nadar (up 210
million) are three other billionaires from among the top 20, who managed to add to their wealth during this period.
