Mukesh Ambani became Asia’s superrich ‘Sarpanch’ by beating China’s Zhang Yiming!

Reliance Industries Chairman Mukesh Ambani has overtaken ByteDance co-founder Zhang Yiming to become Asia’s richest man. Mukesh Ambani Ambani’s net worth rose 10.5 percent to $88.8 billion, according to Forbes’ ‘Real-Time Billionaires’ list on Tuesday. Ambani has reached the 22nd position globally. He has surpassed China’s Zhang Yiming and Gautam Adani. After which Mukesh Ambani has become the richest businessman in Asia.

Chinese billionaire Zhang Yiming’s net worth has increased to $84 billion and he has slipped to 25th place. Adani Group chairman Gautam Adani is ranked 26th with a net worth of $80.1 billion. Ambani’s wealth rose nearly 12 percent in Reliance Industries shares on Monday, adding more than $19 billion to the company’s market value.

The stock market rose after the quarterly results

The gain comes after the company reported its strongest ever financial performance in the July-September quarter. The company achieved record revenue, EBITDA and net profit in the quarter. Strong growth in the company’s oil-to-chemicals (O2C) business, digital services and retail operations contributed significantly to this. The company’s consolidated revenue grew by 28 percent year-on-year to a record Rs. 3.62 lakh crore, while EBITDA increased by 24 percent to Rs. 62,409 crores. Net profit rose 34 percent to Rs. 29,550 crore, which is a record for a quarter.

The O2C business delivered its best ever quarterly performance. In this year-on-year revenue increased by 44.2 percent to Rs. 2.32 lakh crore and EBITDA increased by 67.9 percent to Rs. 25,203 crores. Transportation fuel cracks, a measure of refining margins, rose 3 to 3.7 times from a year ago and hit a historic high during the quarter.

Record IPO of Jio platform

After the announcement of the earnings numbers, analysts at Avendus Spark upgraded the stock from a ‘reduce’ rating to an ‘add’ rating. According to a Bloomberg report, this means that for the first time since 2017, there is no ‘hold’ or ‘sell’ advice for Reliance Industries. The surge in Reliance Industries came as Ambani-controlled subsidiary Jio Platforms posted a 27 percent jump on its debut on the National Stock Exchange in Mumbai on October 28.

Founded in 1957 by Mukesh Ambani’s father Dhirubhai Ambani, the company has the largest market capitalization in India, at Rs. 17.54 lakh crores is over. Its digital services and telecom unit, ‘Jio Platforms’, is India’s largest mobile service provider, with over 533 million subscribers as of June.

The initial public offering (IPO) of Jio Platforms was the largest IPO in India’s history, raising $3.2 billion at a valuation of around $106 billion. Reliance Industries owns around 66% in the company, which was listed on October 28. Reliance Industries was ranked 55th globally in the Forbes Global 2000 list (a list of the world’s largest public companies). The company reported sales of $119.7 billion, assets of $229.6 billion and profits of $9.1 billion.