Mukesh Ambani returns to $100B club amid Reliance share surge

PTC News Desk: Mukesh Ambani, the chairman of Reliance Industries Limited (RIL), has regained entry into the prestigious $100 billion club, marking a remarkable ascent in his wealth. On Friday, Ambani secured the 12th spot on the Bloomberg Billionaires Index, surpassing other prominent figures in the region, including Gautam Adani.

The resurgence in Ambani's fortune was driven by a substantial rally in the shares of RIL, the conglomerate spanning from oil to telecommunications. In a single day, his net worth soared by over $2.76 billion, reaching its peak at $103 billion in April 2022.

Reliance Industries Limited observed a notable uptick in its shares over the past few trading sessions, contributing to a staggering $5.47 billion surge in Ambani's net worth since the beginning of the calendar year. The overall market capitalisation of RIL reached an impressive Rs 18.40 lakh crore, with a nearly 3 per cent increase in its shares in the last five trading sessions and a notable 12 per cent surge in the past month.

A key player in Ambani's recent wealth surge was the recently demerged Jio Financial Services (JFSL), which experienced a gain of over 4.6 per cent, closing at Rs 251.50 on Thursday. With a market capitalisation nearing Rs 1.6 lakh crore on the Bombay Stock Exchange, JFSL significantly contributed to the overall positive momentum.

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Additionally, other entities within Ambani's portfolio displayed favorable trends. Network18 Media Investment Ltd witnessed a 10 per cent increase, closing at Rs 130.81 on Thursday, with an impressive 45 per cent rally in the year 2024 thus far. TV18 Broadcast Ltd concluded on a higher note, experiencing a gain of over 20 per cent in the last five trading sessions, reaching a market capitalization surpassing Rs 11,100 crore. Meanwhile, Reliance Industrial Infrastructure Ltd (RIIL) recorded a gain of over 7.2 per cent at Rs 1515.65, reflecting a substantial 35 per cent increase in the past month.

As Ambani climbs the wealth ladder, Elon Musk of Tesla maintains the top position with a wealth of $212 billion, followed by Jeff Bezos of Amazon with $180 billion and Bernard Arnault, the French business magnate, with $164 billion. Among Indians, Gautam Adani now ranks 14th with a total wealth of $96.2 billion.

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(Inputs from agencies)

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