Arun Bharat Ram and Arvind Lal — the two businessmen who became billionaires during the lockdown
- Lal and Ram are among the few businessmen in India whose wealth rose in the middle of the coronavirus crisis to $1 billion — adding them to the list of 102
- 79-year old
Arun Bharat Ramjoined the billionaire club in India after his company Shri Ram Group of Companies witnessed a 63% increase in share price since March 25. According to Forbes, Ram’s net worth clocked $1.1 billion.
- Arvind Lal, who heads Dr Lal Path Labs witnessed an 8% boost in share price after it got regulatory approval to conduct the coronavirus test in the last week of March — making him a billionaire.
Lal and Ram are among the few businessmen in India whose wealth rose in the middle of the coronavirus crisis to $1 billion.
From chemicals to colleges
79-year old Arun Bharat Ram joined the billionaire club in India after his company Shri Ram Group of Companies witnessed a 63% increase in share price since March 25. According to Forbes, Ram’s net worth clocked $1.1 billion.
Ram is on board of more than 14 companies and heads 6 different companies worldwide including JK Paper Limited.
SRF is a $1.1 billion company which was founded in 1970 and promotes chemical raw materials used in pharmaceuticals and pesticides. SRF group is into a range of other products including fabric, real estate among others. It also promotes Delhi’s Lady Shri Ram College and the Shri Ram Schools in India.
One of the primary reasons for the increase in Ram’s wealth was a sudden spike in all Indian chemical stocks. A whole lot of businessmen are ditching chinese supply chain and looking for cheaper alternative options in India — leading to a sudden spike in share price.
The Indian doctor who became a billionaire
Arvind Lal is a doctor who heads the $174 million Dr Lal Path Labs. The share price of Dr. Lal Path Labs jumped by 14% between March 30 and June 10 after the Indian government allowed
Advertisement70-year-old Lal owns a 57% stake in his publicly listed company which has a market capitalization of ₹131.98 billion. However, despite offering the coronavirus test at large, Lal’s company could end up making only small gains from it. According to Forbes, these COVID-19 tests will not “contribute in a big way” to the revenues of the company as the government has fixed the price of a test at ₹4,500.
Dr. Lal Path Labs was founded in 1949 by S.K Lal, Arvind Lal’s father. Lal inherited the diagnostics lab from his family when he was 28 years old. The chain of diagnostics lab made its Initial Public Offering in 2015 and has witnessed a 79% increase in its share price since then.
SEE ALSO: Liquor to become cheaper in Delhi, as government withdraws coronavirus cess
Shopping malls are open but retailers face the next big challenge – getting people to the stores
Popular on BI
- A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
- JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says
- Why Google employees fear the worst as the company quietly extends its hiring freeze
- Nepotism and termite-like corruption dented India : Modi
- Modi lists five pledges to turn India into a developed country in 25 years
- There will be a major shift in the way Indians shop and consume brands
- Modi remembers Nehru and Sarvarkar in his speech today
- Made-in-India gun used for 1st time for ceremonial salute at Red Fort on Independence Day