- Mukesh Ambani’s wealth has risen to a little over $94 billion, according to the Bloomberg Billionaires Index, following Monday’s jump in RIL share price.
- Reliance Industries shares have risen 9% in the last seven trading days, adding roughly $8 billion to his wealth.
It is estimated that Mukesh Ambani, Asia’s wealthiest person in 2021, has added almost $17 billion to his net worth so far, with over half of that gain coming in the last week. Shares of Mukesh Ambani’s main business, Reliance Industries, in which he owns over 51 percent, have climbed 9 percent in the last seven trading sessions, adding nearly $8 billion to his wealth.
RIL shares closed 1.55 percent higher at Rs 2,429 apiece on Monday, after reaching an all-time high of Rs 2,480 during intraday trade. These gains come on top of Friday’s gains of more than 4%.
Mukesh Ambani’s wealth has risen to a little more than $94 billion, according to the Bloomberg Billionaires Index, following Monday’s jump in RIL share price. He is currently the world’s 11th richest person, trailing only Warren Buffett, who has a net worth of more than $103 billion.
The increase in Mukesh Ambani’s wealth was due to rise in Reliance Industries’ share price after the business mogul stated that RIL will “aggressively” pursue the production of green hydrogen, which is cheaper than traditional fuel. Analysts predict that RIL shares will rise another 10% this year, allowing Ambani to join the exclusive $100 billion club.
There are many triggers for the stock to climb in the near future. Analysts believe RIL’s telecom unit Jio Infocomm’s average revenue per user (ARPU) may exceed Rs 200 in the coming quarters, up from Rs 138.4 in the April-June quarter. Besides these, factors such as Saudi Aramco’s interest in acquiring a stake in RIL’s petrochemicals sector might be a major trigger for a surge in RIL shares.
IIFL Securities director Sanjiv Bhasin said, “The stock might hit Rs 2,700 by year’s end.” It’s worth noting that, with Monday’s gains, RIL shares are up roughly 18% since August 1, compared to 10% gains for the benchmark Sensex and Nifty.
Since several states have already lifted Covid-related limitations, Reliance Retail, RIL’s brick-and-mortar chain, might experience a significant rise in revenues and profit in the coming quarters. Analysts also believe that RIL’s entry into the clean energy space provides clarity for future earnings growth for the business. Earlier this year, Ambani announced intentions to invest $10 billion in lean energy, signalling a new pivot for Reliance Industries.
According to a report by a leading news agency, Reliance Retail is planning to open a chain of stores called Avantra that would sell ethnic clothing and sarees in time for the festive season. The addition of these new segments to its portfolio will boost its revenue further.