Dilip Shanghvi overtakes Mukesh Ambani and becomes richest Indian : ‘Real time’ update from Magazine Forbes says Dilip surpassed Mukesh now
New Delhi: Pharma tycoon Dilip Shanghvi has surpassed Mukesh Ambani on Wednesday as the richest Indian with a net worth of $21.5 billion. This latest news has become out just two days after the Reliance Industries chief was ranked as the wealthiest of India by Forbes.
A real time update from business magazine Forbes known for its annual rich list says that Sun Pharma Group’s Shangvi was ranked as the richest Indian followed by Mukesh Ambani and tech Czar Azim premji follows next among Indians.
On the global rich list, Diliip moved to 37th position while Mukesh slipped to 43rd position on Wednesday. In the earlier list released by Forbes officially on Monday, Mukesh was at 39th position while Shanghvi was at 44th place. Shanghvi’s networth went up following a sharp rally in share prices of his group companies while that of Ambani was $20.4 billion. Forbes has released the Rich List 2015 based on the share prices and exchange rates as on 13th February, 2015. Now due to variations in share market, a sharp deviation has come in the rich list globally.
Shrugging off the weakness in wider market indices, stocks of drug major Sun Pharma & group companies & Advanced Research and Ranbaxy hit new highs on Wednesday. This has resulted in the Dilip Shanghvi overtaking Mukesh Ambani. Excluding Ranbaxy’s valuation, Shanghvi’s networth exceeded Ambani’s. Moreover, Ranbaxy is about to merge into Sun Pharma group. Since the release of budget, Sun Pharma shares have raised by 14%.
Receiving US FDA approval for a product to be manufactured at Sun’s facility in Halol has triggered the gain momentum for Sun Pharma Group. This is the first time of receiving approval surprisingly after FDA had issued procedural observations in last September. Moreover, two more approvals are in pipeline for Sun Pharma waiting to get clearance in current quarter.
This latest approval from US FDA in line followed up by Sun Pharma has become crucial for it and triggered buying in all Sun Pharma companies. Sun’s stock gained 6.6% reaching a new milestone of 1,035 and helping the overall group enter into Rs.2 lakh crore market club. Altogether Sun Pharma grew by 4.3% and subsequently Dilip has grew as richest Indian.