Meet the billionaire who clocked Rs 6,100cr from one stock in just 2 days
With a net worth of $2.3 billion, Radhakishan Damani is no new name in the market. Of all his feats, the most recent one has made it to the top. Avenue Supermarts' shares have surged 2.5 times since their last listing, making Damani and his family richer by Rs 6,100 crore.
On March 21 this year, the firm soared to 114 percent listing with an issue price of Rs 299, and the stock soared nearly 19 percent in just two sessions till Friday, read an Economic Times report. The stock closed at Rs 750.50 on BSE, which was 18.82 percent higher than Wednesday’s closing price of Rs 631.60.
On Friday, the Bloomberg Billionaires Index named Damani the 20th wealthiest Indian with a balance of $4.10 billion. One among the 500 billionaires in the world, he is also a mentor to billionaire investor Rakesh Jhunjhunwala. Under his aegis, D-Mart, one of the most profitable food and grocery retailer in India, was conceived. As of now, the firm has 118 outlets across Maharashtra, Andhra Pradesh, Telangana, Gujarat, Madhya Pradesh, Chhattisgarh, Rajasthan, NCR, and Karnataka.
Between Wednesday and Friday, the BSE benchmark Sensex has slipped 0.9 percent i.e 29,974 to 29,707. According to the report, Damani's wife and brother share 82.2 percent stake in Avenue Supermarts.
Also read: Meet India’s Warren Buffett, the low-profile investor-turned-overnight-billionaire
Often referred to as India's Sam Walton, Radhakishan Damani is a self-made billionaire from humble beginnings. Avenue Supermarts made a net profit of Rs 3.2 billion in the last fiscal year said a Livemint report. Damani- promoted Avenue Supermarts Ltd, which runs hypermarkets and supermarkets under the D-Mart brand, and is one of the largest and the most profitable daily household needs retailer in India, has filed its draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India to float its initial public offering. D-Mart is a chain of hypermarket and supermarkets in India with 15 years of legacy.
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