News Wrap: Gautam Adani Is 5th Richest Person; Campus Activewear IPO; Indonesia Prohibits Palm Oil Export; Adani Power's Market Cap Increases
April 25, 2022
Sensex and Nifty 50 are bearish today!
BSE Sensex is down by 617.26 points (-1.08%), a closing price of 56,579.89
Nifty 50 plunged by almost 218 points (-1.27%), closing price landed at 16,593.95
Bank Nifty rose by 37.6 points (0.10%), closing price at 36,082.35.
Except for Bank Nifty, all the sectoral indices landed on the bearish side with Nifty IT, Media, Realty ranging between 2 - 3%
BSE midcap and smallcap indices both plunged by 1.86% and 1.88% each.
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Gautam Adani Is Now World’s 5th Richest Person
Gautam Adani, chairman of the Adani Group, has surpassed legendary investor Warren Buffett to become the world's fifth-richest person. According to a Forbes article, Adani's estimated net worth as of Friday's market close was $123.7 billion, surpassing Buffett's $121.7 billion wealth.
Gautam Adani is an entrepreneur. According to the Bloomberg Billionaires Index, Gautam Adani's fortune increased by $43 billion in 2022, a spectacular 56.2% increase in his portfolio.
Only Microsoft co-founder Bill Gates ($130.2 billion), Bernard Arnault ($167.9 billion), Jeff Bezos ($170.2 billion), and Elon Musk ($269.7 billion) are now wealthier than Adani. Adani is the richest person in India, with a net worth of $123.7 billion.
All About Campus Activewear IPO
Campus Activewear is a major participant in the Indian organised sports and casual footwear market. The flagship brand "Campus" has risen to become India's largest sports and casual footwear brand in recent years.
The subscription period for the Campus Activewear IPO will begin tomorrow, 26 April 2022. Bidding on the public issue will be open until April 28.
The pricing range for the IPO has been set at Rs 278 to Rs 292 per equity share. Through the issuing of 4.79 crore equity shares, the business hopes to raise Rs 1,400.14 crore through this public offering. This IPO's expected share allotment date is 4 May, and the shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
More To Know:
From April 28, Indonesia, the world's largest producer, exporter, and consumer of palm oil, will prohibit all exports of the product and its raw ingredients.
The Reserve Bank of India has issued new credit card rules, which will go into effect on July 1, 2022. People who use credit cards should be aware of the new guidelines issued by India's central bank.
The 5% IPO rule would bring the entire offer size to Rs 35,000 crore, a figure for which the market may not be ready.
MG Motor India said it has teamed up with Bharat Petroleum Corporation Ltd to improve electric vehicle charging infrastructure across the nation.
Adani Power became the sixth company in the group to reach a market capitalization of Rs 1 trillion on Monday, when the stock achieved an all-time high of Rs 270.80, up 5% from the previous closing.