Mukesh Ambani, Chairman of Indias most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore.
His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest individual in Asia and fourth richest person in the world.
Indians with more than Rs 1,000 crore wealth cross the 828-mark in the 2020 edition of the rich list.
London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1.43 lakh crore bagged the second position. HCL Founder Shiv Nadar with a wealth of Rs 1.41 lakh crore ranked third, followed by Gautam Adani and family at fourth spot and Azim Premji at fifth spot. Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.
“A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani’s meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India said.
With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, the India’s wealth creation story is still yet to reach the half-way mark, the report said.
“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore,” continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
The cut-off for the top 10 rose by 6 per cent to Rs 76,000 crore this year, a 10 per cent increase compared to the previous year. The cumulative wealth of IIFL Wealth Hurun India Rich Listers have increased by 20 per cent compared to that of last year. 84 individuals have migrated from India and are NRIs. 19 saw their wealth double year on year.
All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition — with increase of 274 per cent in each of their wealth.
Chigurupati Krishna Prasad of Granules India, also registered a 218 per cent jump in the wealth to Rs 3,500 crore. With a wealth of Rs 4,500 crore, Ritesh Agarwal (26) of Oyo Rooms is the youngest person on the list and with a wealth of Rs 5,400 Crore, Dharam Pal Gulati (96) of MDH is the oldest on the list. Nearly 5 per cent of the list (40 individuals) is comprised of women. 10 out of these 40 women are self-made.
The richest woman in the list is Smita V Crishna, of Godrej with Rs 32,400 crore, followed by Kiran Mazumdar-Shaw, of Biocon with a wealth of Rs 31,600 crore.
Being home to 217 individuals that comprise 26 per cent of the list, Mumbai is the residential capital of India’s wealthy, followed by New Delhi and Bengaluru. In the year 2020, Mumbai registered an increase of 41 individuals from the rich list, while New Delhi lost 5 of them. More than half of the new additions in IIFL Wealth Hurun India Rich List 2020 are contributed by top three cities this year — this was 36 per cent last year. Further, with 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2020.
CMS launches AI-automated ATM security software ‘Algo’
Mumbai, Oct 14 (IANS) CMS Info Systems (CMS) has announced the launch of fully automated, Artificial Intelligence-powered ATM security software application ‘Algo’.
CMS Algo is an end-to-end security encrypted a fool-proof solution to prevent ATM frauds at the time of cash replenishment or maintenance, the company said in a statement.
The application is machine-agnostic and can operate on any ATM manufactured by any OEM.
Rajiv Kaul, Executive Vice Chairman, Chief Executive Officer and Whole-time Director of CMS Info Systems, said: “This application can run on any ATM across the world and helps in fraud prevention. The solution is cost-effective in the back-end and low cost in the front-end.”
“The biggest saving is the reduction of fraud, no requirement of a call centre, and restricted access to data and premises,” he said.
He noted that the company has deployed Algo on 52,000 ATMs in India.
CCI okays Tube Investments’ stake buy in CG Power
New Delhi, Oct 14 (IANS) The Competition Commission of India (CCI) has approved the acquisition of shares in CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd.
The proposed combination envisages acquisition of more than 50 per cent of the equity share capital of CG Power and Industrial Solutions Ltd (CG Power) by Tube Investments of India Ltd (TIIL).
TIIL is a listed entity and is part of Murugappa group. It has three business verticals including engineering, metal formed products and bicycles. It is engaged in the manufacture of a wide range of products for automotive, railway, construction, mining and agriculture industries.
Also a listed entity, CG Power has two major business units — power systems and industrial systems.
The power systems business unit focuses on power transmission, distribution, power solutions, setting up of integrated power systems among others.
Uber hires Amazon veteran to lead mobility teams in Bengaluru
Uber on Thursday announced it hired Amazon veteran Manikandan Thangarathnam as senior director to lead all rider and platform engineering teams in Bengaluru.
Uber said it is also hiring 85 more engineers in the country. This is in addition to hiring 140 engineers the ride-hailing service announced last month.
“As the world steps into a new normal, adaptability is going to be a key aspect to usher in growth. I look forward to leading the bright minds at Uber and innovating together for the world, one ride at a time,” said Mani.
At Amazon, Mani helped build several core platforms and products.
He led engineering efforts for the Amazon Appstore and was instrumental in bootstrapping the tech major’s Chennai office and building a vast team of engineers.
The Rider mobility team works on the challenge of enabling the next billion trips by building new services including high capacity vehicles (Uber bus), and car rentals, among others.
The company said the Marketplace team is building a highly-available and scalable self-serve gateway to configure, manage, and monitor Application Programming Interfaces (API) of every business domain at Uber.
Uber recently hired another Amazon veteran Jayaram Valliyur as senior director to lead its global finance technology team, spread across multiple geographies.
OnePlus investing Rs 100 crore to boost retail footprint in India
Smartphone maker OnePlus is committed to invest Rs 100 crore towards deeper market penetration by taking premium offline experience beyond metro cities and expanding its reach through new online and offline retail partnerships, a top company executive said on Thursday.
With over 5,000 offline stores including partnered stores across the country, the smartphone maker is planning to scale up to more than 8,000 stores in the coming quarters, Navnit Nakra, VP and Chief Strategy OnePlus India told IANS.
“At present, we have over 30 OnePlus experience stores across India and will be opening 14 new experience stores in the next six months.
“We’ll launch our biggest experience store globally, the OnePlus Nizam Palace in Hyderabad later this year. We are also working towards covering 100 cities through our service centre network in the next year,” Nakra informed.
The smartphone maker launched its India R&D centre in 2019 and is committed to achieve long-term growth in the country.
Currently, the company has 300 employees in the R&D team and hope to double that number in the coming months.
Nakra said that India continues to be a key market for OnePlus since the brand’s entry in 2014.
“We began our commitment to Make in India initiative in February 2018 and since then, we have been manufacturing our devices in the country. We have also commenced the manufacturing of the OnePlus TVs and OnePlus Nord in India,” Nakra told IANS.
By 2021, all OnePlus TVs will be manufactured locally in India.
“On our smart TV portfolio, we commenced the manufacturing of the Y series in India and by 2021, all OnePlus TVs will also be manufactured locally including the Q and the U series,” Nakra informed.
He said that 100 per cent of OnePlus smartphones are being manufactured in India including OnePlus 8 series, OnePlus Nord and the recently launched OnePlus 8T.
OnePlus has launched its new flagship 5G smartphone the ‘OnePlus 8T’ with 120Hz Fluid AMOLED display and quad-camera set up, in India.
The OnePlus 8T will be available in two colours, aquamarine green and lunar silver at Rs 45,999 (12GB RAM+ 256GB internal storage) and Rs 42,999 (8GB RAM+128GB internal storage).
“OnePlus is consistently exploring opportunities to fuel its growth and meet the needs of more users, by starting to strategically diversify into new product categories and new price points but, at the same time, not compromising on our OnePlus promise,” Nakra told IANS.
OnePlus Nord series is also likely to get new entrants this month, according to multiple reports.
The rumoured OnePlus Nord N10 5G and OnePlus Nord N100 are said to be launching as soon as the end of October, first in the US market.
Sensex in red amid volatility on global cues
Amid a largely volatile trade, the key Indian equity indices traded in negative on Thursday morning.
Weakness across Asian markets and fading hopes of a further stimulus in the US, weighed down on the investor sentiments, analysts said.
At 10.25 a.m., Sensex was trading at 40,643.97, lower by 150.77 points or 0.37 per cent from its previous close of 40,794.74.
It opened at 41,048.05 and has so far touched an intra-day high of 41,048.05 and a low of 40,541.13 points.
The Nifty50 on the National Stock Exchange (NSE) was trading at 11,953.30, lower by 17.75 points or 0.15 per cent from the previous close.
US stocks drop as stimulus hopes wane
Wall Street’s major averages finished lower on Wednesday as investors grew concerned over the uncertain fate of a US coronavirus stimulus deal.
The Dow Jones Industrial Average slid 165.81 points, or 0.58 per cent, to 28,514.00. The S&P 500 fell 23.26 points, or 0.66 per cent, to 3,488.67. The Nasdaq Composite Index sank 95.17 points, or 0.80 per cent, to 11,768.73, Xinhua news agency reported.
Eight of the 11 primary S&P 500 sectors declined, with consumer discretionary down 1.43 per cent, leading the laggards. Industrials closed up 0.54 per cent, the best-performing group.
US-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.
Investors continued to look for clues on new stimulus. An impasse among US lawmakers in Washington has somewhat dimmed hopes that more Covid-19 relief aid would come to fruition before the election.
“We have two sides that are very far apart in terms of arriving at some form of stimulus, and I do not think it is likely we see a breakthrough before the election,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Wednesday.
Looking ahead, analysts said markets will remain sensitive to news of fiscal support in the lead-up to the election.
Meanwhile, Wall Street pored through newly-released earnings reports.
Goldman Sachs on Wednesday delivered quarterly results that well exceeded consensus estimates. Its shares rose 0.2 per cent.
Bank of America shares fell more than 5 per cent after its earnings topped expectations and overall revenue missed estimates.