Mukesh Ambani surpasses Gautam Adani to regain Asia's richest spot as RIL shares near record high
1 min read 03 Jun 2022, 12:33 PM ISTMukesh Ambani-led Reliance Industries shares climbed to a one-month high on Friday, trading near its record high level
PremiumMukesh Ambani has surpassed Gautam Adani to regain the spot of Asia's and India's richest man as Reliance Industries (RIL) shares continued to surge to trade near record high levels in Friday's trading session.
As per Bloomberg Billionaire index, RIL Chairman Ambani has gained the eighth spot in the world's richest as his net worth stands at $99.7 billion. Whereas, Adani Group's Chairman Gautam Adani's net worth is $98.7 billion, placing him in the ninth spot in the index.
In February this year, Adani overtook fellow countryman Ambani to take Asia's richest spot on the back of the jump his personal fortune, which made him world’s biggest wealth-gainer this year.
Meanwhile, according to Forbes real time billionaires list, Mukesh Ambani's net worth has surged to $104.7 billion, whereas that of Gautam Adani & Family stands at $100.1 billion on the back of sell-off in Adani Group stocks this week amid MSCI Index rejig.
MSCI Inc. published additions and deletions to its global indexes last month but the announcement didn’t detail changes to the weightings of individual stocks in its indexes. Analysts told Reuters Adani Green’s weighting in the MSCI India Index was cut as it admitted new stocks.
Mukesh Ambani chairs and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail. Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology.
Billionaire Mukesh Ambani has been profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. RIL shares have gained about 16% in 2022 (YTD) so far as compared to a 5% fall in benchmark Sensex.
RIL reported over 22% surge in its Q4FY22 profit at ₹16,203 crore on the back of bumper oil refining margins, steady growth in telecom, digital services and retail business.
Ambani is pivoting Reliance into green energy. The company will be investing $80 billion over the next 10-15 years on renewable energy and building a new complex next to its refinery.
