Meteoric Rise Of Gautam Adani's Wealth: A Story In Share Prices
Of the seven Adani Group public companies, Adani Power Ltd.'s share price rose 293% within a year.
Soaring share prices of billionaire Gautam Adani's public companies has earned him a spot among the top three of the world's richest.
As the Indian business tycoon became the second richest person in the world, even if briefly, most of his group companies have witnessed over a 100% increase in share prices in the last one year.
Of the seven Adani Group public companies, Adani Power Ltd.'s share price rose 293% within a year, followed by Adani Wilmar Ltd.'s by 214%.
Meanwhile, the stock price of Adani Group's flagship company Adani Enterprises Ltd. shot up 24% in the last month.
However, the Nifty 50 company Adani Ports & SEZ Ltd. is the worst performer among the group companies with only 22% rise in its share price in the last one year.
The 60-year-old has built his fortune as the country's largest private sector port and airport operator, city gas distributor and coal miner. He is now venturing into telecom, media, alumina and renewable energy.
Acquisition of Swiss company Holcim Ltd.'s stake in Ambuja Cements Ltd. and ACC Ltd. in a $10.5 billion deal catapulted Adani to second largest cement maker position in the country.
Holcim has sold 63.11% stake in Ambuja Cements, which owns a 50.05% interest in ACC as well as its 4.48% direct stake in ACC.
In the past one month, share price of Ambuja Cements has zoomed 30%, whereas ACC's rose nearly 15%.
He became the first Asian person to make it to the exclusive club of top three richest persons list in the Forbes Billionaire Index.
The Indian tycoon surpassed Amazon founder Jeff Bezos for a short span and was trailing behind Tesla and SpaceX founder Elon Musk, whose net worth stood at $273.5 billion, according to Forbes.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
