Mukesh Ambani Gains $8.5 Billion On Monday To Become Asia’s Richest Person

0:28This episode is brought to you by Google Chrome. overtook ByteDance's Jiang Yinmin to become Asia's richest person on Monday after a nearly 12 % surge in Reliant Industries stock added$8.5 billion to his net worth. Ambani, who is Reliant Industries chairman and managing director, saw his wealth surge 10.5%, bringing his estimated net worth to$88.8 billion, according to Forbes' Real-Time Billionaires List. Reliant Industries stock surged nearly 12 % on Monday, adding over$19 billion to its market value after the company posted quarterly revenue at 255.5 billion rupees, equivalent to$2.7 billion, beating analysts' $2.3 billion prediction.

1:09After the earnings, an analyst for a vendor Spark upgraded the stock from reduced to add, which Bloomberg reported means the company has no hold or sell recommendations for the first time since 2017. Reliant Industries' jump comes after one of its subsidiaries, Geo Platforms, which Ambani also controls, soared 27 % on its trading debut on the National Stock Exchange in Mumbai in late October. Its IPO was the largest in India's history, raising$3.2 billion as a roughly$106 billion valuation. Ambani now sits at number 23 on Forbes Billionaires list. Reliant Industries operates across petrochemicals, oil and gas, telecoms, retail, media and financial services.

1:52The company was founded by Ambani's father in 1957 and is valued at around$186 billion. Geo Platforms, which represents the digital services and telecommunications arm, is India's largest mobile carrier with over 533 million subscribers as of June. For more on this story, click the link in the description.

2:30We'll see you next time.