Mukesh Ambani edges past Warren Buffett, becomes world’s 5th richest

News Network
July 23, 2020

New Delhi, Jul 23: Riding high on foreign investors buying stakes in Jio Platforms, Reliance Industries Ltd Chairman Mukesh Ambani became the world’s fifth-richest person Wednesday, edging past American investor Warren Buffett on the real-time ranking of billionaires by Forbes. With an estimated wealth of $75 billion, Ambani is only next to Facebook co-founder and CEO Mark Zuckerberg, whose wealth is pegged at $89 billion.

Buffet had slipped down the rankings after donating more than $37 billion of Berkshire Hathaway Inc. stock since 2006 to charity. Berkshire Hathaway’s stock performance has also underwhelmed recently.

Amazon founder and CEO Jeff Bezos still sits at top in the richest list, with a net worth of $185.8 billion. He is followed by Microsoft co-founder Bill Gates with net worth of $113.1 billion and luxury group LVMH Moet Hennessy Louis Vuitton’s chief Bernard Arnault, with a net worth of $112 billion. Facebook CEO Mark Zuckerberg is at the fourth position in the Forbes list.

Shares of Ambani’s conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc, Silver Lake, Intel, and most recently, Google. The US tech giant has committed a capital infusion of Rs 33,737 crore for a 7.7 per cent stake on Jio Platforms.

The total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore. RIL has raised a total of Rs 2,12,809 crore through a rights issue, the combined investments in Jio Platforms and investment by BP.

During the Reliance AGM last week, Ambani had said RIL has made its net-debt free ahead of a March 2021 target due to recent investments. Ambani said Jio has designed and developed a complete 5G solution that’s ready for launch as soon as spectrum is made available next year.

Jio and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store, Ambani said.

RILs market value jumped to Rs 12.7 lakh crore or $170 billion on Monday, making it the 51st most valued company in the world. Between April 1 and July 13, RIL has gained $81 billion in market capitalisation and has climbed 47 places from being the 98th most valued company on April 1 to 51st most value company now.

The share price of RIL has risen by 120 per cent over the last four months for Rs 883 per share on March 23, 2020 to Rs 1,939 on Monday. Since April 22, when Facebook Inc announced an investment of Rs 43,574 crore in Jio Platforms for 9.99 per cent equity stake, Jio Platforms has announced investments by 12 other investors. The total investment by these 13 investors over the last 12-weeks amounted to Rs 118,318 crore.

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News Network
April 25,2024

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The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

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News Network
April 25,2024

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Kolkata: Defence Minister Rajnath Singh or Transport Minister Nitin Gadkari could have been the prime minister, said Trinamool Congress supremo and West Bengal chief minister Mamata Banerjee, subtly taking a dig at the Bharatiya Janata Party leaders relegated to the second rung of the organisational echelons.

Banerjee’s nephew and the TMC general secretary Abhishek Banerjee, on the other hand, attempted to stoke trouble within the BJP’s unit in West Bengal, saying that at least 10 more state legislators of the saffron party were keen to join his party and in touch with him.

"You (Rajnath Singh) are surviving at the mercy of Modi (Prime Minister Narendra Modi). You are saluting Modi daily to save your chair. You or Nitin Gadkari could have been the PM (prime minister) today," the TMC supremo said in an election rally at Ausgram in Bolpur Lok Sabha constituency on Wednesday. "There would have been no problem...at least there would have been a gentleman in the chair who knows minimum courtesy," she added.

Banerjee was responding to Singh’s diatribe against herself and the TMC government led by her. The defence minister, who had addressed an election rally in Murshidabad on Sunday, had criticised the TMC government for alleged corruption and anarchy in West Bengal.

Singh had referred to the attacks on the Enforcement Directorate officials on January 5 during a raid at the residence of the TMC leader Sheikh Shahjahan at Sandeshkhali in North 24 Parganas district of the state. It was followed by an agitation by local women protesting against atrocities by Shahjahan and his aides known to be owing allegiance to the TMC.

Singh questioned how the state government, led by a woman as the chief minister, could allow such atrocities on women to take place. He went on to say that Banerjee had lost all ‘mamata’ (affection and compassion) for people.

Banerjee shared a cordial relationship with Singh since the days when they both were ministers in the central government led by then Prime Minister Atal Bihari Vajpayee. Singh avoided personally criticising Banerjee in the past.

He, however, went ballistic against Banerjee on Sunday, triggering a strong response from the TMC supremo on Wednesday.

"The BJP is trying to get into the game of breaking parties, but they can't win in it. They poached two of our MPs, and we replied by taking two of their MPs, Arjun Singh and Babul Supriyo. Recently, by using ED raids, they inducted Tapas Ray. At least 10 top leaders of the BJP are in the queue to join the TMC," Abhishek said in another election rally in Murshidabad on Wednesday.

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News Network
April 15,2024

New Delhi: India is likely to experience above-normal cumulative rainfall in the 2024 monsoon season with La Nina conditions likely to set in by August-September, the IMD has said on Monday.

However, normal cumulative rainfall does not guarantee uniform temporal and spatial distribution of rain across the country, with climate change further increasing the variability of the rain-bearing system.

Climate scientists say the number of rainy days is declining while heavy rain events (more rain over a short period) are increasing, leading to frequent droughts and floods.

Based on data between 1951-2023, India experienced above-normal rainfall in the monsoon season on nine occasions when La Nina followed an El Nino event, India Meteorological Department chief Mrutyunjay Mohapatra told a press conference here.

Positive Indian Ocean Dipole conditions are predicted during the monsoon season. Also, the snow cover in the Northern Hemisphere is low. These conditions are favourable for the Indian southwest monsoon, he said.

Moderate El Nino conditions are prevailing at present. It is predicted to turn neutral by the time monsoon season commences. Thereafter, models suggest, La Lina conditions may set in by August-September, Mohapatra said.

India received "below-average" cumulative rainfall -- 820 mm compared to the long-period average of 868.6 mm -- in 2023, an El Nino year. Before 2023, India recorded "normal" and "above-normal" rainfall in the monsoon season for four years in a row.

El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India.

Three large-scale climatic phenomena are considered for forecasting monsoon season rainfall.

The first is El Nino, the second is the Indian Ocean Dipole (IOD), which occurs due to differential warming of the western and eastern sides of the equatorial Indian Ocean, and the third is the snow cover over the northern Himalayas and the Eurasian landmass, which also has an impact on the Indian monsoon through the differential heating of the landmass.

The southwest monsoon delivers about 70 percent of India's annual rainfall, which is critical for the agriculture sector. Agriculture accounts for about 14 percent of the country's GDP.

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