- Arvind Lal, who heads Dr. Lal Path Labs and chemical magnate Arun Bharat Ram, who owns Shri Ram Companies Group (SRF) are new billionaires of India amid ongoing Pandemic
Coronavirus Pandemic has led to a lot of bloodbath on stock markets around the world. Thousands of companies have announced losses while others are only struggling to survive. There are some unusual exceptions, however, such as Arvind Lal, who heads Dr. Lal Path Labs and the chemical magnate Arun Bharat Ram, who owns Shri Ram Companies Group (SRF).
Lal and Ram are among the few Indian businessmen whose wealth soared to $1bn in the midst of the coronavirus crisis and are new billionaires of India.
From chemicals to colleges
79-year-old Arun Bharat Ram joined the Indian Millionaire Club after his company Shri Ram Group of Companies witnessed a 63 percent increase in share price since 25 March. Ram’s net worth clocked $1.1bn according to Forbes.
Ram is a board member of more than 14 companies worldwide and heads 6 different companies including JK Paper Limited.
Established in 1970, SRF is a $1.1 billion business that promotes chemical raw materials used in pharmaceuticals and pesticides. SRF group comprises a variety of other items including fabrics, real estate, and so on. It also supports the Lady Shri Ram College of Delhi and the Shri Ram Schools of India.
A sudden increase in all Indian chemical stocks was one of the primary reasons for the rise in Ram ‘s income. Many businessmen are dissecting the Chinese supply chain and searching for cheaper alternatives in India — leading to a sudden spike in the share price.
The Doctor Who Is Billionaire
Arvind Lal is a physician who heads Dr. Lal Path Labs for $174 million. Dr. Lal Path Labs’ share price jumped 14 percent between March 30 and June 10 after the Indian government permitted private laboratories to carry out coronavirus research in March. Arvind Lal has now valued a billion dollars, according to Forbes.
Lal, 70, owns a 57% stake in his publicly listed company with a market capitalization of approximately $131.98 billion. Despite offering the coronavirus test at large, however, Lal ‘s company could ultimately make only small gains from it. According to Forbes, these COVID-19 studies won’t “contribute in a major way” to the company’s profits as the government has set the price of a test somewhere around 4,500.
In 1949 Dr. Lal Path Labs was founded by S.K Lal, the father of Arvind Lal. At the age of 28, Lal inherited his family’s diagnostic laboratory. The diagnostics laboratory chain made its initial public offering in 2015 and since then has witnessed a 79 percent increase in its share price.