SP Chandel - Stock Market News & Updates

Mukesh Ambani is No Longer Asia's Richest Man According to : -  entrepreneur.com India’s energy tycoon Mukesh Ambani has lost the Asia’s Richest Man title to Alibaba Group founder Jack Ma following a sharp fall in oil prices and the resultant global stocks. The Reliance Industries Chairman’s lost $5.8 billion (INR 42,700 crore) on 9 March, as reported by Bloomberg. With a net worth of $42.3 billion or INR 3.1 lakh crore, as on the day of filing this story, Ambani is placed on the 19 th  position on Bloomberg Billionaires Index, a daily ranking of the richest people, preceded by Ma with net worth of $45.7 billion. Amazon’s Jeff Bezos, Microsoft founder Bill Gates and CEO and chairman of Berkshire Hathaway Warren Buffett were the top three on the list with net worth of $117 billion, $107 billion and $79.8 billion, respectively. Apart from Ambani, Wipro’s Azim Premji (67), HCL founder and Chairman Shiv Nadar (84) and banking tycoon Uday Kotak (98) are the other thre

HDFC’s profit up 4 times at 8,372 crore HDFC’s profit grew nearly 4 times to Rs 8,372 crore in the December quarter. The company had made a profit of Rs 2,113.80 crore in the same period a year ago.  HDFC is the country’s largest provider of home loan. In an IT Now poll, analysts had expected HDFC’s profit to be Rs 6,300 crore. The profit of the company was contributed by Fair Value Gain of Rs 9,019.81 crore due to the merger of Gruh Finance with Bandhan Bank. HDFC has said, “Gruh Finance was a subsidiary of HDFC. It has merged with Bandhan Bank. The merger took effect on October 17. The investment in Griha has earned HDFC a fair value of Rs. 9,019.81 crore.” HDFC’s board approved a proposal to raise Rs 45,000 crore from non-convertible debentures from a private placement basis. HDFC’s provision increased to Rs 2,995 crore from Rs 116 crore in the same period a year ago. The country’s largest home loan company said that its thinking about p