Mukesh ascends to become the richest person in the world

NI Wire

New Delhi

Tue, 30 Oct 2007: 

Oct 30: Finally Mukesh Ambani has a rendezvous with success that left him soaring in the sky. If reports are to be believed, he became the richest billionaire in the world after sensex reached to a massive 20,000 points.

In his new feat hsurpassed American soft ware giant Bill Gates, Carlos Slim Helu of Mexico and the famous investment guru Warren Buffet.

Monday was an auspicious day for Mukesh as his most valued firm Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure Ltd shares whizzed up and as a result the net worth rose to 63.2 billion dollars.

The net worth of both Gates and Slim is projected to be slightly lower at around 62.29 billion dollars each, with Slim leading among the two by a narrow margin.

Warren Buffett, earlier the third richest in the world, also dropped one position with a net worth of about 56 billion dollars.

Reliance Industries was founded by Dhirubhai Ambani which covers textiles, oil biochemical and telecommunications. The company got split in the year 2002 between Mukesh Ambani and Anil Ambani.

The performance of both the company has been outstanding and exceptional inflows from US and European investors kept the Mumbai Sensex stock index soaring up to 20,000 points for the first time on Monday.

The Sensex has risen about 39 per cent since it became the third emerging market after China and Russia to surpass 1 trillion dollar in May.

Uncertainty was hovering on the Indian market when Security and Exchange Board of India decided to curb Participatory Notes.

But thanks to Bull Market which has made the investor confident and optimist that the market will show strong result.

This is the beginning of an era when rising and ebbing sensex has become a trend where investors seem to know the market mantra that no bull market can last forever and sooner or later it will be taken by bear market when prices will fall and sensex will dive downward.

With a cautious mind everybody will be looking for the announcement of RBI credit policy on Tuesday to have a sense of how market is going to perform in the near future.

The Reserve Bank said that the rupee appreciation in respect of the US dollar has been phenomenal, but gave no clues as to what could be its stance in its half-yearly review of its monetary policy on Tuesday.

The market pundits say that this rising trend will continue for another few years in India and one can expect volatility in the market for short term in near future but one should brave it and stay invested.