Well, coronavirus has undoubtedly had an impact on various industries in India and elesewhere. It has clearly roiled the Indian stocks markets which has seen one of the worse years. From a common man to even a tycoon in the industry - the virus has swept away an individual's income.
"Rich become richer" and this Indian tycoon has proved it time and again. Radhakishan Damani- who controls Avenue Supermarket- is the only Indian tycoon whose net worth is unscathed as the deadly coronavirus roils markets worldwide. And all thanks to nation’s hoarders who scrambled to stock up on staples amid the world’s biggest isolation effort.
Well, the net worth of Radhakishan Damani has surged 5% this year to $10.2 billion - making him the only billionaire with gains among the 12 richest Indians whose wealth as per the reports by the Bloomberg Billionaires Index.
According to the report, shares of Avenue Supermarts, which contribute nearly all of the wealth to Damani’s net worth, have advanced 18% this year.
Well, Damani who is now a billionaire built it all from the scratch and has seen his wealth swell at a time when a stocks rout has shaved more than 32% off the net worth of his billionaire counterparts Mukesh Ambani and Uday Kotak on fears that the pandemic will gut economic growth.
Damani’s supermarket chain has gained from panic buying of household essentials after India decided to place its 1.3 billion people under a 21-day lockdown last month amid the coronavirus scare that has hit the country pretty hard.
Experts believe that the Avenue Supermarts’ D-Mart stores will be in good stead even after the panic hoarding for staples cools down once the lockdown ends.
However, D-Mart’s rivals have not benefited as much under the same circumstances.
(With inputs from Agencies)
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