Radhakishan Damani (RD) is an Indian businessman, investor, and inventory dealer. He is known for founding the superstore chain DMart, which additionally earned him the title of ‘Retail King of India.’
Radhakishan Damani was born in 1954 (age 67 years; as of 2020) in Bikaner, Rajasthan. He did his education in Mumbai, after which he acquired himself enrolled within the University of Mumbai. He dropped out within the 1st yr of his school the place he was pursuing a Bachelor of Commerce.
Hair Colour: Bald
Eye Colour: Black
Family & Caste
Radhakishan Damani was born right into a poverty-stricken Marwari household.
Parents & Siblings
His father, Shivkishanji Damani was a stockbroker on Dalal Street. Not a lot data is offered about his brother. His brother, Gopikishan Damani is a inventory dealer and investor.
Relationships, Wife & Children
Mr. Damani is married to Shrikantadevi Radhakishan Damani. The couple has three daughters, Manjri Damani Chandak, Jyoti Kabra, and Madhu Chandak.
He lives on Altamount Road, Mumbai together with his household.
As a Stockbroker
After dropping out of faculty, Mr. Damani began his ball-bearing enterprise. At the age of 32, he stop his enterprise as a result of premature demise of his father, and he joined his brother on Dalal Street as a stockbroker. When RD joined the inventory market, it was dominated by the bear cartel of Manu Manek (often known as the Cobra). Mr. Damani realized to quick promote the shares from Manu, and later, he utilized the identical methods to counter the bullish ways of his nemesis, Harshad Mehta. It is rumoured that Radhakishan was part of a bearish group referred to as ‘triple-R’ within the late 90s. The three Rs of the group have been Radhakishan Damani, Raju ( a chartist), and Rakesh Jhunjhunwala (the long run Big Bull). Triple-R and Harshad Mehta have been thought-about arch-rivals. Reportedly, they first fought over the inventory of Apollo Tyres. Mr. Damani and his buddy felt that the worth of the inventory of Apollo Tyres was closely overpriced. So, they began quick promoting the inventory, oblivious to the truth that Harshad was illegally rigging the inventory’s value. RD and his group suffered heavy losses. Harshad Mehta was later discovered responsible of orchestrating the monetary rip-off of 1992. In an interview, submit the rip-off was uncovered, Mr. Damani mentioned,
Agar Harshad saat din aur apni place maintain kar leta, toh mujhe kathora leke street par utarna padta.”
The Scam of 1992 led to quite a lot of buyers and stockbrokers dropping their cash. RD helped many small scale buyers by shopping for their depreciated shares. He additionally helped the purchasers of Deena Mehta (one other well-known stockbroker) after the Ketan Parekh Scam of 2001. In an interview, whereas speaking about Mr. Damani’s useful gesture, Deena mentioned,
When a few of our purchasers acquired trapped in Videocon and BPL shares, RD helped us by taking up their positions… These scrips had grow to be unsalable as there have been no patrons out there. RD is a really constructive participant in occasions of disaster. He’s a shrewd investor; makes extra money when he’s bearish.”
Mr. Damani’s multi-bagger shares embody VST Industries, HDFC, Sundaram Finance, ITC, Gillette, Crisil, ICRA, 3M India, Blue Dart Express, Prozone Intu Properties, Uniply Industries, India Cements, and 1% stake in Andhra Paper. He invested in VST Industries Ltd (in 2000) when its inventory was buying and selling at round Rs. 80 per share. The share value soared to Rs. 3600 in 2020. The share value of Sundaram Finance escalated from Rs. 270 per share to Rs. 1800 in 2021. Such investments helped Mr. Damani generate immense wealth.
In 1995, HDFC financial institution’s IPO went public, and RD purchased Rs. 400 crores price of shares at Rs. 40 per share; the share value is buying and selling at Rs. 2600 as of 2020. In an interview, when he was requested why he selected HDFC financial institution over a PSU financial institution like SBI, Mr. Damani is rumoured to have mentioned,
Dharavi Dharavi hota hai, aur Pedder Road Pedder Road… aage jaake HDFC ka bhaav dekh lena.”
As an Entrepreneur
RD took a break from the inventory market within the late 90s to concentrate on his retail enterprise enterprise. In 2002, he began a hypermarket chain, DMart (registered as Avenue Supermarts Ltd.) with a single outlet in Powai. DMart has greater than 200 shops unfold throughout nearly throughout India as of 2020.
Mr. Damani went public together with his retail chain in March 2017 with a suggestion value of Rs 299 per share, which skyrocketed to Rs 2900 in 2021. The market capitalisation of Dmart rose from Rs 38,000 crore (in March 2017) to Rs 1.6 lakh crore by Feb 2020, making it extra precious than Britannia Industries, Asian Paints, Bank of Baroda, and even Nestle.
Radhakishan Damani’s internet price is valued at round $20.5 Billion as of 2020. His bodily property are listed as follows.
- the 156-room Radisson Blu Resort in Alibag, Maharashtra.
- a beachfront getaway house near Mumbai.
- Rakesh Jhunjhunwala (the Big Bull) deems Radhakishan Damani as his mentor. In an interview, speaking about his mentor, Rakesh mentioned,
I learnt buying and selling from him … He has knowledge, excessive persistence and humility … The persistence he has to listen to the opposite particular person’s viewpoint is unbelievable … He taught me life and formed my nature. If he and my father had not been there to information me, I’d not have achieved such success.”
- He conceded that the established investor Chandrakant Sampat is his inspiration. He realized loads from the worth investments of Mr. Sampat within the 80s and 90s.
- It is rumoured that RD was predicted the tech bubble of 2001 (the extreme use of the web by the buying and selling firms led to market crash) and the worldwide recession of 2008.
- Actor Paresh Ganatra performed a job primarily based on Radhakishan Damani in SonyLIV’s hit net sequence, Scam 1992: The Harshad Mehta Story.
- RD is the fourth richest Indian as of 2020 (Mukesh Ambani topped the record ).
- Mr. Damani is known as Mr. White & White by his household and shut mates on account of his love for white shirts and white pants.
- Radhakishan Damani stays away from media interactions, and he’s hardly ever seen at any market-related occasions.
- He likes to take a stroll on Girgaum Chowpatty.
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