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| Ambani groups gain Rs 90k cr on UPA mandate |
| Press Trust of India / Mumbai May 24, 2009, 13:29 IST |
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The Ambani brothers — Mukesh and Anil — have emerged among the biggest beneficiaries of the people's mandate in favour of the Congress-led UPA government as their group companies added close to Rs 90,000 crore of wealth in just five trading sessions after the results were declared.
While market valuation of the Anil Ambani group rose by over 35 per cent, that of the companies belonging to the group led by elder brother Mukesh improved by over 12 per cent, against an overall market appreciation of close to 20 per cent during this period.
As a result, the nine listed companies of the two groups together accounted for about 12 per cent of the total gain in the overall investors' wealth, measured in terms of total market capitalisation of all the listed entities.
In absolute terms, Mukesh Ambani group recorded a bigger gain of over Rs 44,000 crore, against a gain of about Rs 43,800 crore for the Anil Ambani group.
In five trading sessions between May 18 and May 22 — after results of the general elections were declared on May 16 — the overall investor wealth rose by about Rs 7,51,000 crore — from Rs 38,07,000 crore to close to Rs 45,60,000 crore.
Markets were closed on May 16 and the next day because of weekend holidays and the first trading after the election results was held on May 18.
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