Reliance Industries shares rally; Mukesh Ambani enters $100 billion club

Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), joined the elite club of centi-billionaires - global tycoons having a net worth of at least $100 billion. Ambani's wealth swelled after Reliance Industries Ltd hit new record highs on Thursday and other group companies rose sharply of late.

According to the data available with Bloomberg Billionaires Index, Mukesh Ambani added $2.76 billion in the previous trading session as his wealth stood at $102 billion. He currently stands at 12th spot. Mexican business magnate Carlos Slim is merely $1 billion ahead of Ambani. Bloomberg's Billionaires Index has only a dozen centi-billionaires.

Shares of Reliance Industries gained about 3 per cent to Rs 2,724.95 during Thursday's trading session, before eventually settling at Rs 2,718.40, up 2.58 per cent. The total market capitalisation of RIL stood Rs 18.40 lakh crore mark. The stock is up 5 per cent in the last two trading sessions, while it has gained 12 per cent in the last one month.

Recently, the demerged NFBC Jio Financial Services (JFSL) also added to the recent rise in Mukesh Ambani’s fortunes. The NBFC gained more than 4.6 per cent to close Rs 251.50 on Thursday, with a total market capitalisation close to Rs 1.6 lakh crore on BSE.

Other listed entities from Ambani's kitty have also been on a roll lately. Network18 Media Investment Ltd advanced another 10 per cent on Thursday to close at Rs 130.81. The media counter has rallied about 45 per cent in the year 2024 so far.

TV18 Broadcast Ltd managed to end higher on Thursday. The stock has gained more than 20 per cent in the last five trading sessions, with its mcap surpassing Rs 11,100 crore mark. Similarly, Reliance Industrial Infrastructure Ltd (RIIL) gained over 7.2 per cent to Rs 1515.65. The stock is up about 35 per cent in a month.

Following the demerger of JFSL from RIL, Investors at Dalal Street are keenly awaiting the primary offerings of Reliance Retail and Jio Platforms, which have been hinted by Ambani in his speeches in the last few AGMs of the company. However, no official announcements have been made yet.

In the Bloomberg's Billionaires Index, Tesla's Elon Musk continues to sit at top with a wealth of $212 billion. However, his wealth came down by $17 billion since the beginning of 2024. He is followed by Amazon's Jeff Bezos ($180 billion) and French business magnate Bernard Arnault ($164 billion). Among Indians, Gautam Adani is at 14th spot with a total wealth of $96.2 billion.

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