After Finance Minister Nirmala Sitharaman on Friday announced a series of measures to boost growth and investments, including a long pending demand of a cut in corporate tax rate, the stock markets have zoomed by 1921 on Friday and by another 1100 points today helping investor’s wealth to surges Rs 10.50 lakh cr in two days
Led by the continuous strength in the equity market, the market capitalisation (m-cap) of BSE-listed firms jumped Rs 10,53,495.23 crore to Rs 1,49,05,246.57 crore so far in two days. The m-cap of BSE-listed companies was Rs 1,38,54,439.41 crore on Thursday.
The new worth of promoters of top listed firms has risen substantially after the stock market rallied over two continuous trading sessions.
The combined net worth of promoters of top listed firms recovered almost 75% of the net worth lost between June end and September 19, 2019. According to market data many billionaires are better off than on the eve of the Union Budget that was presented on July 5, 2019.
According to Business Standard, Reliance Industries (RIL) Chairman Mukesh Ambani tops the list of gainers with nearly Rs 22,000 crore addition to his net worth post the tax-cut, thanks to a six per cent rally in the company’s stock price on Friday. Promoters’ stake in RIL is now worth Rs 3.67 trillion slightly up from Rs 3.66 trillion at the end of June this year.
Other big gainers from market movement after the tax cut include Radhakishan Damani of Avenue Supermarts (about Rs 7,100 crore), the three promoter families of Asian Paints promoters (around Rs 5,975 crore) and Bandhan Bank promoters’ (around Rs 5,200 crore).
Among major business houses, the biggest gains accrued to Bajaj family (Rs 3,100 crore), Hinduja (Rs 3,100 crore), Vedanta (Rs 2,600 crore), Sunil Bharti Mittal (Rs 2,500 crore), Pawan Munjal of Hero MotoCorp (Rs 2,400 crore) and Kumar Mangalam Birla of Aditya Birla group (Rs 2,200 crore).
