Business
Mukesh Ambani with a net worth of $ 92.7 billion tops 2021 Forbes list of India’s richest

A soaring stock market propelled the combined wealth of members of the 2021 Forbes list of India’s 100 Richest to a record US$775 billion, after adding $257 billion — a 50 per cent rise — in the past 12 months.
In this bumper year, more than 80 per cent of the listees saw their fortunes increase, with 61 adding $1 billion or more.
At the top of the list is Mukesh Ambani, India’s richest person since 2008, with a net worth of $92.7 billion.
Ambani recently outlined plans to pivot into renewable energy with a $10 billion investment by his Reliance Industries.
Close to a fifth of the increase in the collective wealth of India’s 100 richest came from infrastructure tycoon Gautam Adani, who ranks No. 2 for the third year in a row. Adani, who is the biggest gainer in both percentage and dollar terms, nearly tripled his fortune to $74.8 billion from $25.2 billion previously, as shares of all his listed companies soared.
At No. 3 with $31 billion is Shiv Nadar, founder of software giant HCL Technologies, who saw a $10.6 billion boost in his net worth from the country’s buoyant tech sector.
Retailing magnate Radhakishan Damani retained the fourth spot with his net worth nearly doubling to $29.4 billion from $15.4 billion, as his supermarket chain Avenue Supermarts opened 22 new stores in the fiscal year ending March.
India has administered over 870 million Covid-19 vaccine shots to date, thanks partly to Serum Institute of India, founded by vaccine billionaire Cyrus Poonawalla, who moves into the top five with a net worth of $19 billion. His privately held company makes Covishield under license from AstraZeneca and has other Covid-19 vaccines under development.
India’s recovery from a deadly second wave of Covid-19, which broke out earlier this year, restored investor confidence in the world’s sixth-largest economy.
There are six newcomers on this year’s list, with half of them from the booming chemicals sector. They include Ashok Boob (No. 93, $2.3 billion) whose Clean Science and Technology listed in July; Deepak Mehta (No. 97, $2.05 billion) of Deepak Nitrite and Yogesh Kothari (No. 100, $1.94 billion) of Alkyl Amines Chemicals. Arvind Lal (No. 87, $2.55 billion), the executive chairman of diagnostics chain Dr Lal PathLabs, also debuted on the list after a pandemic-induced surge in testing caused shares of his company to double in the past year.
The country’s IPO rush returned property magnate and politician Mangal Prabhat Lodha (No. 42, $4.5 billion) to the ranks, following the April listing of his Macrotech Developers. Among the four other returnees is Prathap Reddy (No. 88, $2.53 billion), whose listed hospital chain Apollo Hospitals Enterprise has been testing and treating Covid-19 patients.
Eleven listees from last year dropped off, given the increased cut-off for gaining entry to this year’s list. The minimum amount required to make this year’s list was $1.94 billion, up from $1.33 billion last year.
Naazneen Karmali, Asia Wealth Editor and India Editor of Forbes Asia, said: “This year’s list reflects India’s resilience and can-do spirit even as Covid-19 extracted a heavy toll on both lives and livelihoods. Hopes of a V-shaped recovery fueled a stock market rally that propelled the fortunes of India’s wealthiest to new heights. With the minimum net worth to make the ranks approaching $2 billion, the top 100 club is getting more exclusive.”
Business
PM Modi to inaugurate India Mobile Congress 2025 on October 8

New Delhi, Oct 6: Prime Minister Narendra Modi will inaugurate the India Mobile Congress (IMC) 2025, Asia’s premier telecom and technology event, on October 8 in the national capital, Ministry of Communications said on Monday.
The four-day mega event, themed “Innovate to Transform,” will run till October 11 and is expected to showcase India’s growing leadership in the global digital and telecom space.
Union Minister for Communications Jyotiraditya M. Scindia visited the IMC 2025 venue to review the final preparations ahead of the Prime Minister’s inauguration.
Scindia also travelled to the venue and back via the Airport Metro, symbolising India’s push for modern and sustainable urban transport.
During his visit, the minister toured the exhibition area, interacted with participating startups and exhibitors, and chaired review meetings with senior officials from the Department of Telecommunications (DoT), the Cellular Operators Association of India (COAI), and other partner agencies.
Speaking to the media, Scindia said that IMC 2025 would mark a new era in global connectivity, where technologies like 5G, 6G, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and satellite communications would come together to shape the future.
He emphasised that the event reflects Prime Minister Modi’s vision of a self-reliant and innovative India that connects not only within but also with the world.
IMC 2025 is expected to attract more than 1.5 lakh visitors, 7,000 delegates from over 150 countries, and 400 exhibitors spread across 4.5 lakh square feet.
The event will also feature over 1,600 technology demonstrations and 100 sessions with more than 800 speakers discussing the latest developments in telecom and digital innovation.
Highlighting the scale of the event, Scindia said that IMC has grown from being a national platform to becoming a global technology congress that represents India’s digital leadership.
He added that the 2025 edition will include six major global summits — covering 6G research, artificial intelligence, cybersecurity, satellite communications, startups, and the Global Startup World Cup — India Edition.
The minister also underlined India’s achievements in the telecom sector, noting that the country now ranks among the world’s top three digital economies with 1.2 billion mobile subscribers, 970 million internet users, and the fastest-ever 5G rollout completed in just 22 months.
Business
Sensex rises 583 points, Nifty tops 25,000 as IT and banking stocks lead rally

Mumbai, Oct 6: The Indian stock markets continued their winning streak for the third straight session on Monday, driven by strong buying in the IT and banking shares.
The benchmark Sensex jumped 582.95 points, or 0.72 per cent, to close at 81,790.12, while the Nifty rose 183.4 points, or 0.74 per cent, to end the day at 25,077.
“From a technical perspective, Nifty has successfully broken above the key psychological and technical resistance level of 25,000, turning the structure decisively positive,” analysts said.
“Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they added.
The Bank Nifty also delivered a stellar performance, opening with a gap-up and maintaining its upward trajectory through the session.
The index surged past 56,100, hitting an intra-day high of 56,164, with next resistance levels seen at 56,300–56,500, and support placed around 55,821–55,500, experts stated.
Broader markets also joined the rally, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 inching up 0.28 per cent.
In the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were the top performers, climbing as much as 3 per cent.
Meanwhile, Trent, Tata Steel, Power Grid, and Titan ended the session with losses. Among sectors, IT stocks led the gains as the Nifty IT index surged 2.28 per cent.
The Nifty Private Bank, Financial Services, and Healthcare indices also closed in positive territory.
On the other hand, Metal, FMCG, and Media shares came under pressure, slipping up to 1 per cent.
Market experts said the upbeat sentiment in IT stocks and strong institutional buying supported the overall market momentum.
“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results,” they said.
“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” market experts added.
Business
SAIL fortifies Indian Navy fleet with special-grade indigenous steel

New Delhi, Oct 6: Public sector giant Steel Authority of India Limited (SAIL) has supplied the entire requirement of special grade steel for the INS Androth, commissioned into the Indian Navy on Monday, marking a proud milestone in the country’s journey to achieve self-reliance in the defence sector.
INS Androth is the second vessel in the series of Anti-Submarine Warfare Shallow Water Craft (ASW-SWC) corvettes, the first being INS Arnala, which was commissioned on 18th June this year.
SAIL has supplied the full quantity of special grade steel – including HR Sheets and Plates – for the eight ASW-SWC, including INS Arnala and Androth, being built by Garden Reach Shipbuilders and Engineers Ltd. (GRSE).
The steel was sourced from SAIL’s plants in Bokaro, Bhilai and Rourkela. INS Androth’s commissioning underscores India’s growing maritime capabilities and the nation’s commitment to “Aatmanirbhar Bharat,” according to a SAIL statement.
SAIL had also supplied 8,000 tonnes of critical-grade steel for the country’s advanced frontline warships INS Udaygiri and INS Himgiri, which were inducted into the Indian Navy fleet in August this year.
SAIL played a crucial role in building these two advanced frigates for the Indian Navy. Partnering with Mazagon Dock Shipbuilders Limited (MDL) and Garden Reach Shipbuilders & Engineers Limited (GRSE), SAIL supplied essential critical-grade hot-rolled sheets and plates from its Bokaro, Bhilai, and Rourkela Steel Plants.
By developing and providing critical-grade steel for the Indian Navy, SAIL has made a significant contribution to import substitution and defence self-reliance, directly supporting the ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives and lessening India’s dependence on imported special quality steel for defence requirements.
Special Plate Plant at RSP alone has supplied over 100,000 tonnes of critical grade steel for defence applications like tanks, warships, and missiles, the statement said.
The commissioning of INS Udaygiri and INS Himgiri powerfully demonstrates the strength and depth of a fully indigenous defence ecosystem – from the foundational steel to the intricate design and dedicated crew.
SAIL’s enduring partnership with India’s defence sector is well-established, with a proud history of supplying critical-grade steel for iconic vessels such as the INS Vikrant, INS Nilgiri, INS Ajay, INS Nistar, INS Vindhyagiri, and INS Surat, among others. This unwavering commitment solidifies SAIL’s standing as a trusted national manufacturer and a vital collaborator in the country’s ongoing naval modernisation, the SAIL statement added.
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