- It catapulted into one of the 10 richest after a successful IPO of Avenue Supermarts in 2017.
- He is one of only three Indian billionaires whose wealth increased last year.
- After its debut, the share price of Avenue Supermarts increased by more than four times the listing price (₹ 616). Its current market capitalization is around 1.55 trillion crore rupees.
India has 102 billionaires and 97 of them have lost about $ 1 billion each in the past year. Forbes data includes March stock market crash, but has rare exceptions like – owner of D-Mart
He is one of only three Indian billionaires whose wealth increased last year. According to Forbes, Damani added $ 2.7 billion to his wealth which now stands at $ 13.8 billion – making him the second richest person in India after Mukesh Ambani.
In addition, Damani’s net worth was $ 16.4 billion on April 10, up from $ 13.8 billion on March 18, according to the Forbes real-time net worth index.
Damani is the founder of Avenue Supermarts – the retail company that manages D-mart stores in India. The chain offers basic products for the home and people, groceries, household appliances, clothing and more at a great price. It catapulted into one of the 10 richest after a successful IPO of Avenue Supermarts in 2017.
After its debut, the share price of Avenue Supermarts increased by more than four times the listing price (₹ 616). Its current market capitalization is around 1.55 trillion crore. As stocks of other billionaires, including RIL, fell to a new low, Avenue Supermart’s stock jumped nearly 31% this year.
“Better placed to manage the crisis”
Despite its bullish run, the title was not immune to the Corona stock market crash in March. The share lost more than half of its rally in the last week of March, but regained again.
In the last quarter ending in December, D-Mart’s revenues increased 24%, indicating promising growth. to maintain market share.
The coronavirus has also cast a shadow over D-Mart’s supply chain which could suffer due to a shortage of products in its stores in the coming future. However, given his position among the best players, he could be better placed to deal with the crisis than most of his peers.
However, Damani’s portfolio is not limited to D-Mart. He owns six other publicly traded stocks with at least 1% of the company’s capital, including Delta Corp and Simplex Infrastructure. Despite the current market crash due to coronavirus,
four of his seven stocks traded in green.
Damani recently contributed 100 crores to the PM-CARES Fund for the fight against the coronavirus pandemic. He also contributed £ 55 crores to several public relief funds.
This man’s generosity dropped the wealth of Indian billionaires by $ 16 billion