This billionaire made Rs 4,300 crore from only one stock in just two days
NEW DELHI: Radhakishan Damani, whose firm Avenue Supermarts hogged limelight with a 114 per cent listing day gain on March 21, would surely be a happy man these days.
Shares of his company have rallied 2.4 times over its issue price of Rs 299 since their listing. The stock soared over 13 per cent in just two sessions till Friday noon to make Damani and his family richer by Rs 4,300 crore.
In Friday’s trade, the stock hit a high of Rs 714, which was 13.18 per cent higher than Wednesday’s closing price of Rs 631.60.
BSE benchmark Sensex slipped 0.3 per cent in these sessions from Wednesday’s close of 29,974 to 29,865 at 12.30 hours on Friday.
Damani’s family, including his wife and brother Gopikishan Shivkishan Damani, holds 82.2 per cent stake in Avenue Supermarts, and saw the family’s wealth soar by Rs 4,273 crore in these two days.
Many experts had earlier advised small investors to book profit on the counter post its stellar listing. Read here
But the stock has been defying gravity to make its investors mop up wealth with both hands.
The Bloomberg Billionaire index shows Damani as the 20th wealthiest Indian, with $4.10 billion wealth as of Friday. He is among the top 500 world billionaires.
Founded in 2002, the supermarket retail chain that works under the brand D-Mart is among the most profitable food & grocery retailer in India. The company operates in nine states and one Union Territory with a total of 118 stores.
Shares of his company have rallied 2.4 times over its issue price of Rs 299 since their listing. The stock soared over 13 per cent in just two sessions till Friday noon to make Damani and his family richer by Rs 4,300 crore.
In Friday’s trade, the stock hit a high of Rs 714, which was 13.18 per cent higher than Wednesday’s closing price of Rs 631.60.
BSE benchmark Sensex slipped 0.3 per cent in these sessions from Wednesday’s close of 29,974 to 29,865 at 12.30 hours on Friday.
Damani’s family, including his wife and brother Gopikishan Shivkishan Damani, holds 82.2 per cent stake in Avenue Supermarts, and saw the family’s wealth soar by Rs 4,273 crore in these two days.
Many experts had earlier advised small investors to book profit on the counter post its stellar listing. Read here
But the stock has been defying gravity to make its investors mop up wealth with both hands.
The Bloomberg Billionaire index shows Damani as the 20th wealthiest Indian, with $4.10 billion wealth as of Friday. He is among the top 500 world billionaires.
Founded in 2002, the supermarket retail chain that works under the brand D-Mart is among the most profitable food & grocery retailer in India. The company operates in nine states and one Union Territory with a total of 118 stores.
Mega D-Mart
22 Mar, 2017
While a majority of Indian retailers, both brickand-mortar and online ones, struggle to build profitable businesses, the acutely low profile Mumbai-based DMart has given a new lease of life to the challenging sector as it debuted on the capital markets with a bumper opening on Tuesday.
Here are the few reasons behind it
