Two more milestones achieved. The BSE crossed the 20,000 barrier during intra-day trade and Mukesh Ambani is now the richest man in the world, surpassing Bill Gates, Carlos Slim Helu and Warren Buffet. As a result of stellar performance of Reliance group companies like Reliance Industries, Reliance Industrial Infrastructure and Reliance Petroleum the net worth of the Reliance group chairman grew to 63.2 billion dollars. Whereas the net worth of both Gates and Slim is estimated a little above 62.9 billion dollars each, with slim having a slight edge over Gates.

Original Post:

Spurred by the recent buoyancy in the US markets as a result of the rate cuts the Indian markets soared to a all time high on Friday (28th Sept) breaking all previous records. The BSE registering 17,343.98 and the NIFTY 5,043.05 thanks to Foreign Institutional Investors (FIIs) pumping in $3.66 billion in the last five days.

All these numbers brought out another interesting statistic. Reliance Industries Chairman, Mukesh Ambani has become the richest Indian in the world, overtaking steel tycoon Lakshmi Mittal.

Mr. Ambani’s net worth has soared past $50 billion, based on the closing share prices of various group companies like RIL, Reliance Petroleum, IPCL and Reliance Industrial Infrastructure in which he is estimated to have held shares worth $50.1 billion through promoter holdings, making him the first Indian and fourth person in list of people to have a wealth higher than this amount.  He is now next only to Bill Gates, Mexican business baron Carlos Slim Helu and Warren Buffet.

With never before seen bullishness in the markets and a bright economic outlook, the next correction should be a good buying opportunity and midcaps like Reliance Petroleum (RPL) and Tata TeleServices (TTML) look lucrative even at present levels.


- sinnerJi