At the time when the novel coronavirus has brought almost all economic activity to a halt and many companies are reporting losses, the net worth of one Indian tycoon has seen a rise.
According to Bloomberg, Radhakishan Damani’s net worth grew almost 11 per cent this year. Damani, founder of Avenue Supermarts Ltd, has witnessed his fortune surge to $10.7 billion. Avenue runs the supermarket chain DMart.
With this achievement, Damani enters the list of 12 billionaires with most gains this year.
As the coronavirus outbreak forced the central government to impose nationwide lockdown, people across the country resorted to panic buying.
The report attributes the rise in net worth of Damani to hoarders who emptied shelves at supermarkets.
People have turned to hoarding during the lockdown, resulting in increased sales of the company, Bloomberg reported quoting Arun
Kejriwal, director at Kris, an investment advisory firm in Mumbai.
Apart from Damani, Cyrus Poonawalla, founder of vaccine manufacturer Serum Institute of India, was the only Indian tycoon among the 12 billionaires whose wealth spiked this year.
Poonawalla’s net asset went northward by 2.6 per cent to $8.9 billion in 2020.
The report also highlights that DMart’s competitors have not gained much in the prevailing situations.
Future Group, which runs over 1,300 stores across the country, suffered losses with shares of its publicly-traded retail unit plunging 80 per cent in 2020 amid rising debt woes.