Adani joins India's top 10 elite group

Nov 28:  Adani Group has now entered in India’s top 10 elite league as per total asset value on the backdrop of zooming stock market. Adani has unofficially registered the 9 th position surpassing one of India’s oldest business group Birla Group of Industries, which is now at the 10 th position on the basis of total earning wealth calculated on Tuesday evening after closing the stock market.

The rocketing stock market has so far dramatically changes the fate of several companies includes Reliance, Airtel, Tata, Infosys, Wipro and several others. After leaping the recent position of Ambani brothers and Sunil Bharti Mittal (Chairman of Bharti Group) now its turn to Ambavadi Gautam Adani, Chairman of Ahmedabad based Adani Group.

Adani has joined the top 10 elite-group yesterday after closing the stock market. Earlier Gautam Adani had registered the 13 th position of India’s richest people published in the Forbes, well-esteemed global business magazine a fortnight ago. Adani has achieved this position by the listing of Mundra Port & SEZ Ltd (MPSEZL) Initial Public Offer (IPO) in National Stock Exchange (NSE) as well as Bombay Stock Exchange (BSE) on Tuesday.

On the basis of total asset valve calculated yesterday after closing the stock market, the personal accumulated wealth of Adani’s CEO has estimated Rs. 46,332 crore ($11.64 billion), while when Forbes published the list of India’s richest persons, it was Rs. 26,670 crore ($6.7 billion) nearly a fortnight before.

Adani has exceeded Kumar Mangalam Birla, Chairman of Aditya Birla Group whose total asset has been estimated $11 billion when he was ranked 9 th in the Forbes list.

The total asset of Adani Group has been valued Rs. 58,000 crore mark by cumulative value of MPSEZL and Adani Enterprises Ltd. Adani Enterprises is another arm of Adani Group, which total asset has been valued Rs.15,158 crore.

Adani has leapfrogged as per earning money from the stock market. The single share of Mundra Port & SEZ Ltd (MPSEZL) has listed at Rs 770 on the BSE as against the issue price of Rs 440 per share, returning the premium of 75 per cent per share.

Yesterday, it gained a historical achievement by touching an intra-day high of Rs. 1,150 and closed down at Rs 957 gaining 117.5 percent profit. In just single year Adani has earned 12 folds wealth from Rs. 3,745 crore to Rs. 46,332 crore.

Yesterday, Adani bullished in both market BSE and NSE as per recording trade volume crossing Rs. 4,100 crore, out of which it earned Rs. 1448 crore in BSE while in NSE it was locked on worth Rs. 2,688 crore.

The IPO of MPSEZL had remarked in the India capital market history by collecting Rs 2.07 lakh crore and it was oversubscribed 117 times from the released share in the market. Besides this, Adani Enterprises’ subsidiary Adani Power has also contributed in earning total assets of the company. It has attracted plenty of money for the promoters. US based private equity fund 3i had bought 8% share of worth Rs.900 crore, when its total asset value was Rs 11,800 crore.

After Gautam Adani’s joining in the group of top 10 richest people, the elite league has now clubbed with 5 Gujaratis topped by Ambani brothers. Azim Premji (6 th), the chief of Wipro, Tulsi Tanti of Suzlon Energy are the followers of Mukesh (1 st) and Anil Ambani (2 nd). Gautam Adani is on the bottom of the league securing 10 th slot.