In the past 12 months, Mukesh Ambani has earned Rs11.08 lakh a minute, or Rs6.65 crore an hour, even on Saturdays and Sundays.
MUMBAI: Money begets money. In the past 12 months, Mukesh Ambani has earned Rs11.08 lakh a minute, or Rs6.65 crore an hour, including on Saturdays and Sundays.
Mukesh’s younger brother Anil has done only infinitesimally worse, earning Rs6.56 crore an hour. In dollar terms, that’s a shade under $1.5 million.
This is not about their salaries. They don’t matter. Even Rs25 crore annually for Mukesh, and a third of that for Anil, pale in comparison with what has unfolded for them on the bourses.
The 65 per cent growth in the Sensex in the past 12 months has added a phenomenal Rs2.40 lakh crore - or $55 billion — to the wealth of India’s top ten billionaires, thanks to the stakes they hold in their companies.
In Mukesh’s case, this translates into an addition of Rs58,236 crore in shareholding wealth, while for Anil the figure stands at Rs57,505 crore.
The wealth of India’s top ten billionaires has more than doubled — it rose exactly 133 per cent — in the last 365 days as the Sensex travelled from 7892 on October 31, 2005, to 13024.26 yesterday.
A surprise entry in this rarefied list (see table) is Ramesh Chandra, promoter of the New Delhi-based realty major Unitech. His 74 per cent stake in the company was worth Rs595 crore same time last year. It’s worth Rs23,970 crore today.
Chandra earned Rs4.45 lakh a minute as demand for real estate soared. In the 202 trading sessions that the BSE has seen in 2006, the Unitech share has hit the upper circuit (set at 5 per cent or 10 per cent, depending on the value-at-risk calculus of the stock exchanges) an incredible 93 times, or nearly every second session, multiplying the share 39 times in value.
So, what about Kushal Pal Singh, doyen of DLF? He is worth more than Ramesh Chandra, but as DLF is not yet listed, his remains a story for another day.
The rest of the A-listers of the billionairedom are the traditional names, barring Dilip S Shanghvi, the man who scripted the rise of Sun Pharmaceuticals. He brings up the rear as his shareholding wealth rose 50 per cent from Rs7966 crore to Rs11,951 crore.
Shanghvi earned about Rs75,000 a minute in the past year as his company’s strategy of focusing on global markets, especially North America, and research, paid off.
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