Ambani leads Forbes' billionaire gainers list with $6.3B wealth jump
What's the story
Reliance Industries Chairman Mukesh Ambani has topped Forbes's billionaire gainers list, adding over $6 billion to his fortune in just one day. The surge comes after Reliance Industries's shares jumped 11.6% on Monday, its best trading session in over six years. The rally was fueled by the company's strong quarterly earnings report for the September quarter, which exceeded analyst expectations with a 40.6% year-on-year increase in consolidated net profit to ₹25,548 crore.
Wealth increase
Biggest gainer globally
Ambani's wealth increased by 7.85%, or $6.3 billion, according to Forbes's Real-Time Billionaires list.
This makes him the biggest gainer globally in the latest update on November 2.
The sharp increase in his wealth comes after Reliance Industries shares jumped 11.6% on Monday, their best trading session in over six years.
The stock closed at its day's high and was the biggest gainer on the benchmark Nifty 50 index.
Global ranking
Ambani surpasses Amancio Ortega, Zhong Shanshan
The gains have pushed Ambani to the 23rd spot on Forbes's global billionaire list, making him the richest Indian ahead of Gautam Adani.
Adani is ranked 26th with a wealth of $79.12 billion. Ambani's wealth now stands at $88.8 billion, according to Forbes'ss latest update.
This puts him ahead of Spanish retail billionaire Amancio Ortega who added $1.7 billion, and China's Zhong Shanshan at $1.5 billion in terms of wealth accretion on their respective lists.
Earnings growth
Strong quarterly earnings report boosts investor confidence
The strong quarterly earnings report from Reliance Industries has boosted investor confidence in the company's two major earnings engines: its oil-to-chemicals business and digital services.
This comes despite pressure on profitability in its retail business.
The company's refining core earnings surged 68%, while Jio Platforms's core earnings rose 16.6% during the quarter.