A rally in the stocks of companies controlled by Indian billionaire Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot of the second-richest person in Asia.
NEW DELHI: A rally in the stocks of companies controlled by Indian billionaire Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot of the second-richest person in Asia. Some analysts say the gains are fraught with risk.
Adani’s net worth of $76.7 billion got a boost from a 330% jump in Adani Total Gas Ltd, a 235% rise in his conglomerate’s flagship Adani Enterprises Ltd and a 263% increase in Adani Transmission Ltd this year. Adani group stocks, especially these three, “look extended,” Bloomberg Intelligence analysts Gaurav Patankar and Nitin Chanduka wrote in a June 10 note after analyzing technical indicators.
A rally in the stocks of companies controlled by Indian billionaire Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot of the second-richest person in Asia. Some analysts say the gains are fraught with risk. Adani’s net worth of $76.7 billion got a boost from a 330% jump in Adani Total Gas Ltd., a 235% rise in his conglomerate’s flagship Adani Enterprises Ltd. and a 263% increase in Adani Transmission Ltd. this year. Adani group stocks, especially these three, “look extended,” Bloomberg Intelligence analysts Gaurav Patankar and Nitin Chanduka wrote in a June 10 note after analysing technical indicators.
The analysis underscores the vulnerability of the rapid wealth surge Adani has seen in 2021, beating the gains for Warren Buffett and his compatriot Mukesh Ambani.
Read more about Stocks preferred by India s rich fare better in second Covid-19 wave on Business Standard. Shares including the likes of Bharat Heavy Electricals started outpacing the Nifty 50 Index at the end of March