Billionaire Mukesh Ambani gets richer as Reliance Industries stock jumps; Check India's richest man's net worth
There was not much reason mentioned to why the share price of RIL would see such optimistic behaviour of investors. However, it can be attributed to the back-to-back acquisitions the company in past few days.
The markets kicked off today’s session on a positive note with benchmark Sensex index rising over 300 points on Dalal Street. Almost every stock was witnessing buying sentiment from investors, but it was the share price of Reliance Industries that was quite a treat to watch. RIL gained by nearly 3% so far in today’s trading session on Sensex with an intraday high of Rs 1,124.60 per piece. This has made the stock among the best picks of investors on Sensex. At around 1221 hours, the share price of RIL was trading at Rs 1,121.05 per piece above Rs 24.10 or 2.20% on BSE.
Why the share price of RIL has seen such optimistic behaviour of investors is as yet unclear, but largely it can be attributed to the back-to-back acquisitions the company made over the last few days.
On December 22, RIL first acquired 5.56% equity stake (on fully diluted basis) in Vakt Holdings Limited, UK (VHL), a closely held start up entity engaged in the technology space, for cash aggregating to ~ USD 5 million. VHL is a consortium of leading global energy majors, commodity traders and banks with a vision to digitise the global commodities trading industry, creating a secure, trusted ecosystem, powered by blockchain.
In its notification that day, RIL stated that, the strategic investment accelerates Reliance's digital journey, through active participation in an emerging and evolving, yet promising, blockchain enabled technology solution for energy markets.
— Zee Business (@ZeeBusiness) December 27, 2018
Later on December 25, RIL informed Sensex that, they have completed acquisition of 100% stake of RSYS through a special purpose vehicle (SPV) set up in the US for cash consideration aggregating to approximately USD 75 million equity value, based on current outstanding and dilutive equity share impact.
Such good performance from RIL has definitely reflected in its chief Mukesh Ambani’s wealth as well.
Currently, the RIL’s market valuation stands at Rs 7,11,028.70 crore on Sensex, compared to capitalization of Rs 6,95,308.54 crore in previous day. This means RIL’s valuation has risen by Rs 15,720 crore in one day. But if we take into consideration the intraday high of today, then RIL’s valuation has risen over by Rs 17,500 crore.
This has surely had a good impact on Ambani’s wealth. According to Bloomberg Billionaire Index, Ambani’s last change in wealth was rise of $182 million on December 27, 2018. With this Ambani now stands with net worth of $43.1 billion taking the 12th spot in world’s billionaires list.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.