NEW DELHI: As Adani stocks continued to shine on the domestic exchanges, Group chairman Gautam Adani has overtaken legendary investor Warren Buffett to become the fifth-richest billionaire in the world, according to Forbes Real Time Billionaire Index.
The 59-year-old Adani has an estimated net worth of $122.2 billion, as of Monday’s market close, as against Buffett’s $119.4 billion fortune, Forbes’ data showed. According to Bloomberg Billionaire Index, Adani, who also is Asia’s richest, at $119 billion is $3 billion shy of Buffett’s fortune as of Monday but has been the biggest wealth creator of 2022. In less than 4 months of 2022, Adani’s fortune has risen by $43 billion, according to the Index which is topped by Tesla’s Elon Musk.
Mukesh Ambani, Reliance Industries’ chairman and former Asia’s richest, was in 9th position in the Forbes list with a fortune of $101.9 billion. Meanwhile, Group company Adani Power’s market capitalization has now breached the Rs 1 lakh crore mark on the exchanges. In the next few sessions, it is expected that Adani Wilmar will become the seventh group company to enter this coveted list as its current market cap has peaked to around Rs 98,000 crore.
Gold, silver prices Witness heavy fall
Gold and silver prices fell heavily on Monday in India in line with fall in international precious metal prices. In the Indian market, MCX June contract fell 1.59% or C834 lower at C51,428, while silver May contract tumbled at C65,160, down 2.08% or C1,355 from the previous day’s close. In the international market, gold was trading lower at $1,921 per ounce and silver declined marginally to $23.78 per ounce. “Gold prices declined on expectations of higher-than-expected rate hike from US FED and rally in US bond yields,” said Anuj Gupta, V-P, IIFL Securities. Yellow metal generally move in opposite direction to equity markets, but in today’s trade this was not the case.