Mukesh Ambani is richest Indian

Mukesh Ambani is richest Indian

A rebounding stock market that gained two-thirds in the past year and an economy growing at 6% have boosted the net worth of India’s richest people, according to the latest Forbes’ India Rich List.

The combined net worth of India’s 100 richest people is USD 276 billion, almost a quarter of the country’s GDP.

Last year, there were only 27 billionaires on the India Rich List. This year, the number has almost doubled to 52—two short of what India had at the peak of the stock market boom in 2007.

The head of Reliance Industries, Mukesh Ambani, is once again the wealthiest person in India. His net worth is put at $32 billion, an increase of 54% from nearly USD 21 billion last year.

Trailing behind him are Lakshmi Mittal with a net worth of USD 30 billion, up 46% from USD 20.5 billion, and Mukesh’s estranged brother, Anil, whose net worth of USD 17.5 billion, 40%, higher than before, put him in the third place.

Naazneen Karmali, India Editor of Forbes Asia and Mumbai bureau manager for Forbes magazine, said, “Happy days are definitely back again for India's richest. This year's list shows yet again that when conditions in the financial markets and the economy are right, India has the scale and resources to produce billionaires faster than most of the countries on earth.”

Indrajit Gupta, Editor of Forbes India, said, “The substantial jump in net worth is clear evidence that entrepreneurial capitalism is alive and kicking in India. What’s more, the growth in wealth creation has been broad-based. Entrepreneurs from a wide variety of sectors comprise the list.”

Though the top ten positions remain largely unchanged, there are some shifts in fortunes across the list. Sunil Mittal has moved down from Number 4 to Number 8 and Azim Premji has moved up to Number 4 position. The Ruia brothers with a net worth of USD 13.6 billion have made it to number 5 this year. Adi Godrej has moved out of the top 10 to the number 12 position. Savitri Jindal, Nonexecutive Chairwoman of OP Jindal Group, at a net worth of USD 12 billion this year has made it to number 7 on the list – she is one of only six women on the list.

The richest newcomers are two brothers from Torrent Power -- Sudhir and Samir Mehta, ranked 23 at USD 2.02 billion.

Another notable mention is Nandan Nilekani who has stepped down from Infosys board and is now a part of government. He ranks 43 with a net worth of USD 1.25 billion. Southern India’s TV king, Kalanithi Maran, ranked 20, almost doubled his net worth to USD 2.3 billion from USD 1.2 billion. His Sun TV Network operates in four states in the south, a region that accounts for one-quarter of India’s population and one-third of those with television in their homes. Forbes Asia features a cover story on Maran.

The Forbes India cover story highlights how 2009 has been a turnaround year for the rich in India. The list is an indicator of how India’s billionaires have done better than their counterparts in other parts of the world. The story highlights interesting differences between the rich in India and China. The 100 richest Indians are worth USD 276 billion; their Chinese counterparts have a net worth of USD 170 billion.

The three richest Indians are worth USD 79.5 billion. It takes 24 Chinese billionaires to be worth USD 80 billion.

The top 10 richest in India are:

1. Mukesh Ambani USD 32 billion

2. Lakshmi Mittal USD 30 billion

3. Anil Ambani USD 17.5 billion

4. Azim Premji USD 14.9 billion

5. Shashi and Ravi Ruia USD 13.6 billion

6. KP Singh USD 13.5 billion

7. Savitri Jindal USD 12 billion

8. Sunil Mittal USD 8.2 billion

9. Kumar Birla USD 7.8 billion

10. Gautam Adani USD 6.4 billion

Methodology

Net worths are compiled using stock prices and exchange rates taken on October 16.

Privately held fortunes were valued at book value or by coupling estimates of revenues, profits or book value to prevailing ratios for similar public companies

To compile these rankings, reporters interviewed rich listers, employees, rivals, investors, fund managers, real estate agents and securities analysts. They also sifted through documents and databases to determine value and ownership of assets.

Indian citizenship was required to make it to the list.

Unlike Forbes’ global billionaire rankings, India’s richest ranking includes some family fortunes...
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Technicals, Stock Reports for the Week

Multiple tops suggest short-term correction

In the past three sessions, the market has tested 5,015 and pulled back.

The market made net gains before running into strong resistance. The Nifty closed at 4,998.95 points for a gain of 4.2 per cent while the Sensex was up 4.3 per cent at 16,848 points. The Defty gained 5.1 per cent as the rupee strengthened again.

Both sets of institutional investors were net buyers through the past week. Advances outnumbered declines and volumes were good in both cash and derivatives segment. The BSE 500 rose 3.9 per cent suggesting good retail participation.

Outlook: The market faces massive resistance above 5,000 and it failed to pierce that last week. The pattern suggests short-term bearishness, or range-trading, with the Nifty moving between 4,850-5,050. A breakout in either direction would lead to a move of 150-200 points. The intermediate trend is unclear.

Rationale: In the past three sessions, the market has tested 5,015 and pulled back. Multiple tops have bearish short-term implications. There's solid support down to 4,850 and further down, till 4,700. On the upside, a breakout above 5,050 could push the market to a new 2009 high.

The intermediate trend went negative on October 20, reacting from the peak of 5,181. It bottomed on November 3 at a low of 4,538 and has since moved back to 5,000 levels. The 13.5 per cent pull back is ample in dimensions but the time period of barely two weeks is very short. The current range-trading could breakout in either direction.

Counterview: If the market stays above 4,538 in the next correction, the pattern would be higher lows and positive. A strongly bullish long-term trend has been in force since March and this makes it possible that a 2-3 week correction period is enough. A pattern of higher highs above 5,181 would confirm that the intermediate trend has gone bullish again.

Bulls & bears: The IT sector was surprisingly strong despite the rupee rising to 46.5. The CNXIT jumped 6.1 per cent. A reaction was seen on Friday in Educomp and Satyam but Moser Baer and TCS looked strong. Banks also bounced back with the Bank Nifty up 4.9 per cent.

Metals were another group that did reasonably well with both ferrous and non-ferrous stocks being strongly supported. Sugar continued its bull run with less fancied counters like Dhampur in the limelight.

Real estate continued to look weak though most real estate are sitting near good supports and some may be due for a revival. Many PSUs such as Neyveli Lignite Corporation, NMDC, SCI and GAIL saw volume expansions and price increases. Two depressed cyclical sectors - automobiles and shipping - also saw selective buying interest.

MICRO TECHNICALS

IDFC
Current Price: Rs 171.25
Target Price: Rs 180

The stock has made a breakout to a new high on increased volumes. On the basis of the chart pattern, it has a target projection of around Rs 180-185. There's no price history in this zone so error margins are more. Keep a trailing stop at Rs 165 and go long. Move the stop up 5 points for every Rs 5 rise.

IVRCL
Current Price: Rs 410.5
Target Price: Rs 430

The stock has made an upside breakout on high volumes and it is testing resistance close to its 2009 highs. It has the potential to cross Rs 430 and create a new high if the volume pattern is maintained. Keep a stop between Rs 400-405 and go long. Increase the position above Rs 420.

PARSVNATH DEVELOPERS
Current Price: Rs 116.75
Target Price: Rs 100

The stock has made a recovery from a recent low of Rs 92. However, it is now running into high resistance. It could react again and go into a range-trading pattern between support at Rs 100 and resistance at Rs 120. Keep a stop at Rs 120 and go short. Increase the position below Rs 112 and clear the position below Rs 102.

SAIL
Current Price: Rs 182.3
Target Price: Rs 195

The stock has made a small breakout past resistance at Rs 180. It could test the 2009 highs of Rs 195-197 at least on intra-day basis since there is little resistance in-between. Keep a stop at Rs 180 and go long. Start covering the position above Rs 193.

SHIPPING CORPORATION
Current Price: Rs 145.9
Target Price: Rs 170

The stock is testing resistance at Rs 150 and if it closes above that mark, a target of Rs 170 is possible. Keep a trailing stop at Rs 140 and go long. Increase the position above Rs 150 and move the stop loss up to Rs 145. At Rs 160, book 50 per cent profit and move the stop loss to Rs 155.

Early signs of a recovery

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Markets at a glance

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	Wkly Tech Analysis: Resistance seen around 16,940
-	Kirloskar Bros raises stake in four firms
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-	Resistance seen around 16,940

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Top 5 Picks |

Mid-term Picks |

Staying above 4900 level crucial for Nifty

No clear direction on stock indices seen this week

Check out the top 10 capital goods stocks

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Weekly Newsletter - Nov 16 2009

GSPL, Dish TV, India Economy

ONGC

DLF Limited

Mahindra Ugine

Src: Economictimes, Business-Standard, Deadpresident Blog

Nifty may rebound from 4900

Nifty may rebound from 4900

he Nifty was under pressure on Thursday, as it failed to move past the previous day’s high. Even as the Nifty lost about 1%, November futures closed with a small premium to the underlying index, while the stocks futures added 1.2 crore shares in the open interest, indicating that the decline was a result of liquidation. One interesting development, as on Thursday’s close, is that the near-to-medium term daily DMAs are spread across a breadth of 4900-4912.

While such a convergence points to a strong support at that level, the future crossover between these averages will be crucial for determining the market direction in the near future. At this juncture, however, two scenarios look possible. First, if a positive crossover happens between 5-DMA with both 20- and 50-DMA respectively, it could give a bullish push to the Nifty.

However, if a negative crossover between the 20- and 50-DMA emerges, it could intensify the downward pressure on the Nifty. However, a rebound from 4900 looks more likely, given that the November 4900 puts have gained close to 35 lakh shares in open interest in the past four trading sessions.

STOCKS F & O

ITC is trapped in a range of Rs 241-265 since mid-October. The downside is supported by a trendline joining the stock’s lows since June 2009. Post its decline on Thursday, the stock has closed below both its 10- and 20-DMA, which are near 255. As long as the upside remains capped around Rs 255-260, the stock can move back to Rs 240.


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Top five Picks

Mid-term Picks

What to watch out for

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Src: Economictimes.Indiatimes.com