From Financialexpress · FE Business · · 40s
Mukesh Ambani Rises to Asia's Richest
Reliance shares surge 12%, adding $8.5bn to Ambani's wealth.
In brief
Reliance shares surge 12%, adding $8.5bn to Ambani's wealth. Mukesh Ambani regained Asia's richest spot after Reliance shares rose 12% to $88.8bn. Originally reported by Financialexpress.
Mukesh Ambani's Wealth Boost
Reliance shares surged 12% adding $8.5 billion to Ambani's estimated fortune.
Forbes Ranking Update
Ambani ranked 23rd globally with $88.8 billion wealth, ahead of Zhang Yiming's $84 billion.
Earnings Beat
Profit attributable to shareholders rose 40.6% to Rs 25,548 crore in September quarter.
Jio Platforms Impact
Jio's IPO raised $3.2 billion at $106 billion valuation with 542 million subscribers.
Market Reaction
Analysts upgraded Reliance from 'reduce' to 'add' with 32 buy recommendations.
The takeaway
Mukesh Ambani regained Asia's richest spot after Reliance shares rose 12% to $88.8bn.
