Stocktwits - Mukesh Ambani has reclaimed his spot in the exclusive $100 billion club, according to Forbes’ Real-Time Billionaires List, which was updated on Tuesday. With a net worth of $105.6 billion, he ranks as the 14th richest person in the world.
Ambani, chairman and managing director of Reliance Industries (NSE:RELI), is the richest Indian and Asian on the list.
This $7 billion surge in Ambani’s net worth comes from stellar gains in Reliance Industries’ stock, which has climbed over 8% in the past week on the Bombay Stock Exchange.
The rally has been driven by a confluence of factors, including optimism around Reliance Retail’s continued expansion, improving prospects in its telecom arm Jio, ambitious green energy projects, and the steady performance in Indian equity markets.
The oil-to-retail-and-telecom behemoth recently reported robust Q4 earnings. The company’s digital services and retail businesses helped offset margin pressures in its oil-to-chemicals (O2C) segment.
Brokerages like JPMorgan (NYSE:JPM) and UBS have raised target prices on Reliance, citing strong retail and digital growth, despite high capital expenditure concerns.
Another key driver behind this renewed investor confidence is Reliance’s recent announcement of a $7.6 billion investment in a massive biogas project in Andhra Pradesh.
Ambani is ahead of Gautam Adani, whose wealth is estimated at $62.1 billion, on the Forbes billionaire rankings.
Data on Stocktwits shows that retail sentiment on the counter remains ’bullish’ amidst ’extremely heavy’ message volumes.
RIL sentiment and message volume on April 29 as of 1:30 pm IST. | source: StocktwitsReliance stock has gained 15% year-to-date (YTD).