Radhakishan Damani is the founder of major retail company D-Mart.
He is the owner of assets worth Rs 2.26 lakh crore today.
Damani started the business of ball bearings in the early days.
New Delhi. It is true that no one can predict when someone’s luck will shine. We are going to tell you one such story. This is the story of Radhakishan Damani. Whose wealth increased by 100% in just 24 hours. Now the desire to know about this person must have arisen in your mind. After all, who is this person and how did his wealth double? Come let’s know how an investor became a millionaire overnight and joined the list of top rich of the country.
Radhakishan Damani is the founder of major retail company D-Mart, who is on 8th position in Forbes Richest Indians 2023 list today. He is the owner of assets worth Rs 2.26 lakh crore today. In 1995, Damani invested in the initial public offering (IPO) of HDFC Bank, adopting the formula of staying for a long time in a company with cheap valuations. He made a huge profit from this.
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wealth doubled in one night
Till March 20, 2017, Radhakishan Damani was the owner of only a retail company, but on the morning of March 21, as soon as he rang the bell of the Bombay Stock Exchange (BSE), his wealth increased by 100 percent. On the morning of March 21, when the IPO of Radhakishan Damani’s company was listed in the stock market, his wealth became more than that of the Godrej family and Rahul Bajaj. Dmart’s share was listed at Rs 604.40, while the issue price was kept at Rs 299. This is a return of 102 percent.
started business like this
Damani started the business of ball bearings in the early days, but closed it due to losses. After the death of his father, he started stock market trading with his brother. He started investing in small companies by looking for better opportunities. By the year 1990, he had earned crores by investing. Then he thought of venturing into the retail business and slowly his business took off.
three mantras to earn crores
long term investment tracking
always avoid credit
buy cheap, sell low
Like the world’s greatest investor Warren Buffet, Damani is also a value investor, who keeps an eye on long-term investments. Even when he became an entrepreneur, he retained this vision and built D Mart without using any shortcuts.
Tags: Billionaires, stock market, stock tips
FIRST PUBLISHED : June 08, 2023, 13:21 IST