Ambani, Adani gain $1.5 billion in a day on Narendra Modi victory

Written by | May 17, 2014 | 0
SingaporeMukesh Ambani, India’s richest man, added almost $1 billion to his wealth while Gautam Adani gained $600 million as early vote counting showed Narendra Modi’s opposition bloc may form a majority in parliament.
Ambani, chairman of Reliance Industries Ltd, has added $6 billion to his fortune since 13 September, when Modi, the chief minister of India’s western state of Gujarat, was named prime ministerial candidate, according to the Bloomberg Billionaires Index. Ambani, 57, has a net worth of $25.8 billion as of 1:57 pm in Mumbai. The wealth of Adani, who runs Gujarat’s biggest port, quadrupled to $7.8 billion, from $1.9 billion on 13 September.
The S&P BSE Sensex advanced as much as 6.2% on Friday to a record 25,375.63, poised for the biggest increase since the last national election in May 2009. Investors are betting that Modi will revive an economy growing at almost the weakest pace in a decade. The measure rose 0.90% to close at 24,121.74 points
“We have a new CEO for the country and he is a good CEO,” said Samir Arora, founder of Helios Capital Management Pte., a Singapore-based hedge fund. “There are so many low hanging fruits in railways, power, that can be worked on and help boost the economy. Modi has the track record to implement these changes.
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