No matter what, the rich get richer
Nov 01 2013
On the basis of his holdings in Kotak Mahindra Bank as on September 30, his shares based on the October 30 price on the NSE were worth a humongous Rs 22,605 crore. Since last Diwali the value has gone up by 19.4 per cent. This when CNX has gained just a little over 10 per cent. In sheer growth, however, there was no one to beat Dilip Shantilal Shanghvi, promoter of Sun Pharma. His share value has grown by 259.3 per cent to Rs 14,296 crore, making him the second most wealthy man by market value of his holdings.
As last year, Financial Chronicle this time too has listed the 10 blessed souls among promoters whose holdings in their respective companies are at the top of the market cap ranking.
Barring one, all of them have gained over the year, their personal market caps growing by between just 6.4 per cent and Shanghvi’s mind-boggling gain. The lone man who suffered the ignominy of a decline is Vikas Ravi Oberoi. He saw his market cap pared down by 37.7 per cent during the year.
Nevertheless, he still made it among the top 10 promoters with Rs 3,950 crore.
Together, the 10 hold stakes worth Rs 74,535 crore in their companies. Of course, this presumes that they have neither diluted nor increased their holdings between September 30 and October 30. The aggregate was 33.3 per cent more than the collective value (Rs 56,000) of their shares on Diwali last year.
The techies are back in full force: three of Infosys’s promoters and one of Wipro are among the top 10. On Diwali eve last year, just one from each of these two companies was among the top 10.
Wipro’s Azim Premji and Infosys’ Sudha Gopalakrishnan, among the top 10 then and also now, have seen their respective holdings unchanged but values higher by 29.1 per cent (at Rs 4,453 crore) and 42.2 per cent (at Rs 4,087 crore), respectively.
The two techie promoters who made the grade this time are both from Infosys: Nandan Nilekani (market value Rs 2,774 crore) and Akshata Murthy (Rs 2,694 crore). Akshata Murthy just about made it to the 10th place.
A third made an entry in the list: she is Biocon’s Kiran Mazumdar Shaw.
Mukesh Ambani and Ratan Tata, rich in their own right, are not on the list because their stakes in their companies are mainly held through family trusts and holding companies.
Both Sun Pharma’s Shanghvi and Sun TV’s Kalanithi Maran had more shares in their companies this September than a year earlier. Shanghvi’s shares doubled after a one-to-one bonus issue; Maran’s rose through the ranks, as fewer shares of his shares were pledged. (Our analysis this year excludes pledged shares but last year they were included.)
Neeraj Singal of Bhushan Steel, among the top 10 last year, dropped out this year because a little over half his total shares in the company are pledged.
Nilima Motapati and Kiran Divi, both promoters of Divi’s Laboratories, fell off the list simply because their share price crashed.