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K P Singh pips Anil Ambani as 2nd richest Indian

Source: PTI
September 20, 2007 19:21 IST
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The stock market rally has changed the sweepstakes at the country's richie-rich club, with real estate tycoon K P Singh of DLF overtaking Anil Ambani to become the second richest Indian after Mukesh Ambani.

While the stock market continued its upward march today with a modest gain of 25 points today, a relatively stronger rally in real estate sector, the day's best performer, helped Singh become India's second richest person in terms of the value of promoter group shares on the bourses.

Bharti group's Sunil Mittal retained his fourth position, followed by Wipro's Azim Premji at the fifth slot.

The collective wealth of the top five richest stood at about Rs 5,43,500 crore ($136 billion). This is nearly 11 per cent of the total investor wealth in the country.

The cumulative market cap of all the companies listed at the BSE today soared to Rs 49,56,946 crore (Rs 49569.46 billion).

This represents a significant increase over about Rs 5,10,000 crore (Rs 5100 billion) on July 26, the day after which market had gone on a downward path triggered by the subprime crisis in the US.

Earlier in March this year, US-based business magazine Forbes had ranked Mukesh Ambani as richest in India with a net worth of $20.1 billion, Anil at second with $18.2 billion, Premji at third with $17.1 billion, Singh at fourth with $10 billion and Mittal at fifth with $9.5 billion of wealth.

Since then, the collective wealth of these five persons has grown by over 80 per cent from a total of about $75 billion dollars as per the Forbes list.

The net worth of Mukesh Ambani, whose group flagship company Reliance Industries on Wednesday became the first Indian company to attain a market capitalisation of over Rs three trillion, today surged to nearly Rs 1,86,000 crore (Rs 1860 billion), based on the value of shares held in his various group companies.

RIL's market cap today rose to Rs 3,05,470 crore (Rs 3054.70 billion), while that of Reliance Petroleum, IPCL and Reliance Industrial Infrastructure Ltd (RIIL) stood at Rs 62,482 crore (Rs 624.82 billion), Rs 12,985 crore (Rs 129.85 billion) and Rs 1,432 crore (Rs 14.32 billion), respectively.

Mukesh was followed by newly listed DLF Ltd's Chairman K P Singh, whose net worth stood at Rs 1,12,803 crore (Rs 1128.03 billion). According to the latest stock exchange data, promoter holding in DLF is 88.24 per cent, while the company's market cap has soared to Rs 1,27,837 crore (Rs 1278.37 billion) after over 5.13 per cent jump in its shares.

DLF shares rose 5.13 per cent to Rs 749.85, after touching a peak of Rs 779.90 at the BSE. It represents a sharp increase over the IPO price of Rs 525 and its all-time low of Rs 505.60 hit on July 5, the first day of its trading.

The younger Ambani brother, Anil's net worth stood at about Rs 1,09,800 crore (Rs 1098 billion) at the end of today's trading, based on his shareholding in group companies such as Reliance Communications, Reliance Capital, Reliance Energy, Reliance Natural Resources and some other firms such as Adlabs Films.

Sunil Mittal's wealth in terms of promoter shareholding value stands at about Rs 84,500 crore (Rs 845 billion). The market cap of Bharti Airtel stood at about Rs 1,69,017 crore (Rs 1690.17 billion).

Mittal was followed by Premji with a net worth of Rs 50,337 crore (Rs 503.37 billion), based on the 79.58 per cent promoter holding in India's third largest software exporter.

Shares of a numer of the companies promoted by these five have been hitting new record highs over the past few weeks. DLF, IPCL, Reliance Capital, Reliance Energy and RPL today touched their life-time high levels.

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