Mukesh Ambani, the richest man in Asia, saw his net worth surge further, as the chairman of Reliance Industries saw a 3.38 per cent uptick in his total wealth, as per Forbes.
Mukesh Ambani's Net Worth Rises
This massive surge amounts to USD 3 billion or close to Rs 2,600 crore.
The surge comes to pass after the shares of the company, Reliance Industries limited surged in the past trading sessions.
Reliance Shares Jump
In fact, the cumulative jump in the value of Reliance stocks amounts to 6.98 per cent or Rs 81.40 per piece. This has brought the overall value of the company shares to Rs 1,247.45 per piece.
It, however needs to be noted that the company started the new trading week on a rough note, as the company shares dipped by Rs 3.60 or 0.29 per cent.
This has brought the company's market capitalisation to USD 193.74 billion, taking the company to the 72nd position on the list of companies, in terms of market capitalisation.
Jefferies Positive Outlook
This recent surge has been brought to fore by the company's positive ratings. American rating agency, Jefferies went bullish on Reliance shares.
Jefferies also issued a buy call for the Mumbai-based company, which is also on of the largest conglomerates in India.
This positive outlook comes to pass after some key developments from the company. Reliance Jio, the telecom arm of the company, has maintained a high ARPU while being the largest company in the Indian telecom business. | File Image/ Representative Image
This positive outlook comes to pass after some key developments from the company. Reliance Jio, the telecom arm of the company, has maintained a high ARPU while being the largest company in the Indian telecom business.
In addition, another development surrounding Jio, ie its IPO, could have possibly encouraged markets.
Adding to that, Jefferies also expects the company's retail arm to be resurgent again. The company's retail arm, which has been at the centre of the slowdown, may pick up, fostering growth for the company.
This comes after a year, when the company shares closed 2024 with negative returns for investors, for the first time in a decade.
