NEW DELHI: Wealth of India’s richest person has been swelling like never before.
Reliance Industries’ promoter and biggest shareholder Mukesh Ambani got richer by close to Rs 29,000 crore since the company’s annual general meeting on Monday.
Key announcements at the 42nd AGM, including the agreement to sell 20 per cent stake in the oil-to-chemicals vertical to Aramco, plan to turn net debt free in 18 months and next month’s launch of Jio Fibre were taken positively by Dalal Street over the past two days, giving the stock an 11 per cent lift.
Consequently, shares of the company zoomed to Rs 1,288.30 at the end of Wednesday’s trade from Rs 1,162 at the end of Friday. Since the August 12 AGM, Ambani’s wealth has gone up by $4 billion (Rs 28,684 crore).
As per Bloomberg Billionaires Index, the senior Ambani now stands at the 13th spot on the world’s richest list with a total wealth of $49.9 billion. The Asia’s richest person has gained $5.57 billion on a year-to-basis (YTD) with shares of RIL jumping close to 15 per cent.
Reliance Industries’ largest FDI deal with Saudi Aramco, the roadmap to become a zero net-debt company by March 2021, the unveiling of four new growth verticals and plans to unlock value in retail and telecom businesses had a host of foreign brokerages going gung ho on the stock.
Moody’s Investors Service said Indian firm’s announcement of stake sale in its oil to chemicals business to Aramco was credit positive.
Morgan Stanley has upgraded the stock to ‘overweight’ from ‘equal weight’ with a price target of Rs 1,349.
Another brokerage Macquarie has upgraded RIL to ‘outperform’, following a stream of bullish news flow.
Source: Economic Times