Pandemic or not, rich get richer all the times?

Mukesh Ambani works from home:

Reliance Industries has become the first Indian company to enter the ranks of top 50 most valuable companies in the world, as its share price crossed the Rs 2,050 mark last week, giving the oil-to-telecom major a market cap of over Rs 13.06 lakh crore ($174.34 billion).

Thus Reliance Industries is the first Indian company to cross the Rs 13 lakh crore mark in market cap. It is now more valuable than Chevron and Unilever, whose market cap stood at $169.97 billion and $135.18 billion respectively.

Globally Reliance is at 48th position in the list of 50 most valuable companies, which is headed by Saudi Aramco, at $1.7 trillion. Incidentally, Saudi Aramco is currently in talks with RIL for a stake purchase in the latter’s oil business.

If one adds the market cap of RIL’s partly paid shares, the Mukesh Ambani-controlled company’s total market cap rises to Rs 13.56 lakh crore. The company’s market cap has more than doubled since the last week of March, when its share price hit a yearly low of Rs 867.

The upward revision in valuation of Reliance has also propelled Ambani to the 6th rank on the Bloomberg Billionaires Index, with a net worth of $75.6 billion (Rs 5.66 lakh crore).

This weekend the Reliance share last traded at Rs. 2067 down from the daily high of 2129.

What a work from home for Mukesh Ambani it’s CEO!!

But position is not very different for other billionaires. See: