Reliance Industries chairman Mukesh Ambani has emerged as the world's biggest billionaire wealth gainer, adding over $6 billion to his fortune in a single day, as shares of his flagship company surged following a stronger-than-expected quarterly earnings performance.
According to Forbes' Real-Time Billionaires list, Ambani's wealth increased by 7.85%, or $6.3 billion, making him the biggest gainer globally in the latest update to the ranking on November 2.
The gain was substantially ahead of the second-biggest wealth accretion on the list, with Spanish retail billionaire Amancio Ortega adding $1.7 billion, followed by China's Zhong Shanshan at $1.5 billion.
The gains pushed Ambani to No.23 spot on the world billionaire list, making him the richest Indian ahead of Gautam Adani, who was ranked at No.26 with a wealth of $79.12 billion, according to the Forbes listing. Ambani had a wealth of $88.8 billion, according to Forbes.
The sharp increase in Ambani's wealth coincided with a rally in Reliance Industries shares, which jumped 11.6% on Monday, marking their strongest trading session in more than six years. The stock closed at its day's high and was the biggest gainer on the benchmark Nifty 50 index.
The rally followed Reliance's September-quarter results, which showed a 40.6% year-on-year increase in consolidated net profit to Rs 25,548 crore, significantly ahead of analyst expectations. Stronger refining and petrochemical margins, alongside improved profitability at its telecom business Jio, helped drive the earnings growth.
The results reinforced investor confidence in Reliance's two major earnings engines - its oil-to-chemicals business and digital services - even as profitability in its retail business remained under pressure.
Source link







