International BusinessADAG becomes 3rd largest biz house in recent market rally
The Reliance ADA Group, owned by Anil Ambani, has become India’s third largest business house with market capitalisation of $35.3 billion. The recent stock market surge has enabled this group with six listed companies ranging from power to telecom to movies to add as much as $10.5 billion, a surge of 43 per cent in week during May 15-22, 2009.
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According to an analyst report, Mukesh Ambani led Reliance Group is still leading the pack with a combined valuation of $86.2 billion, moving up by 18 per cent. The Tata Group are the second largest business house with a capitalisation of $37.9 billion, an increase of $5.8 billion during the week.
While the third is R-ADA Group, the fourth business house is Bharti Group with a market cap of $34.6 billion, gaining 13 per cent.
The report adds that while Nifty was up 21 per cent for the week ended May 22, 2009, Reliance Capital was the top performer gaining 52.7 per cent, Infosys was at the other end down 4.4 per cent.