Diwali cheer! Mukesh Ambani gets $8.5 billion richer in a day as RIL shares soar

Mukesh Ambani's wealth surged by $8.5 billion on Monday as shares of Reliance Industries recorded their biggest single-day gain in more than six years, following strong quarterly earnings that sparked a rally in India's most valuable company. The billionaire's net worth jumped 10.6% to $88.8 billion, according to Forbes' Real-Time Billionaires List on November 2. The increase placed Ambani at 23rd position among the world's richest people.

The sharp rise in his fortune came as Reliance Industries shares surged 11.64% to Rs 1,299 on the BSE, marking their strongest trading session in more than six years. The rally followed better-than-expected earnings from the company's oil-to-chemicals business and improved profitability at its telecom operations.

The gains also helped Reliance emerge as the biggest contributor to the benchmark Nifty 50 index on Monday.


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Ambani's wealth is closely tied to his holdings in Reliance Industries, which operates businesses spanning oil refining, petrochemicals, telecom, retail and new energy. Changes in the company's share price have a significant impact on his estimated fortune.

The latest jump in wealth comes after a difficult year for Reliance shareholders. Even after Monday's rally, the stock remained nearly 19% below its 52-week high of Rs 1,611.20.

The rally was driven by Reliance's strong financial performance for the July-September quarter. The company reported a 40.6% rise in profit attributable to shareholders to Rs 25,548 crore, beating analysts' expectations.

Its oil-to-chemicals business benefited from stronger refining margins, higher crude processing volumes and improved profitability in petrochemicals. The segment's earnings were supported by higher margins on transportation fuels.

Reliance's telecom business also delivered steady growth, with Jio Platforms benefiting from subscriber additions and improved margins. Jio Platforms reported nearly 14% growth in quarterly profit.

Brokerages turned more optimistic about Reliance following the earnings announcement. Goldman Sachs and Nomura maintained their buy ratings on the stock, citing the strength of the company's refining operations and continued growth in telecom.

Goldman Sachs maintained a target price of Rs 1,840, while Nomura retained its target of Rs 1,560.

However, Reliance's retail business continued to face profitability pressures, and analysts said a sustained recovery in the stock would depend partly on improvement in retail earnings and greater clarity on returns from new energy investments.

Forbes calculates real-time billionaire wealth using changes in the market value of publicly traded holdings, along with estimates of other assets. The figures represent estimated wealth rather than cash gains and can fluctuate throughout the trading day.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.