George Fernandes The Minister Who Ousted Coca-Cola and IBM from India (Image Source: iStockphoto)
Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape.
George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy. As the Industry Minister in the post-Emergency Morarji Desai government in 1977, Fernandes famously expelled multinational giants Coca-Cola and IBM from India.
This bold move stemmed from their refusal to comply with the Foreign Exchange Regulation Act (FERA), which required foreign companies to reduce their equity stake in Indian associates to 60%.
Fernandes insisted that Coca-Cola transfer not only 60% of its Indian firm's shares but also the secret formula for its concentrate to Indian shareholders. Coca-Cola agreed to the share transfer but refused to divulge the formula, citing it as a trade secret.
As a result, the government denied Coca-Cola a license to import its concentrate, prompting the company's exit from the Indian market. Fernandes then introduced an indigenous substitute drink called '77'. Coca-Cola eventually returned to India in October 1993, following the liberalisation of the Indian market by the P. V. Narasimha Rao government.
Two-and-a-half decades later, in 2002, Fernandes was again at the forefront of industrial policy, this time opposing the privatisation of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL). Serving as Defence Minister under Prime Minister Atal Bihari Vajpayee, Fernandes did not hesitate to voice his opposition to the disinvestment policies, arguing they were "making the rich richer and creating a private monopoly".
Fernandes' resistance to the sale of HPCL to companies like Reliance Industries and Royal Dutch Shell showcased his commitment to socialist principles and his willingness to challenge powerful economic interests. His actions and policies left a lasting impact on India's industrial landscape, reflecting his dedication to protecting national interests and promoting economic self-reliance.
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Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape. George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy.
Who is the billionaire stock trader in India? ›
Who is the biggest stock market man in India? ›
Top 10 Stock Market Investors in India [2024 New Updated List]
- Rakesh Jhunjhunwala. ...
- Ramesh Damani. ...
- Raamdeo Agrawal. ...
- Vijay Kedia. ...
- Nemish Shah. ...
- Dolly Khann. ...
- Ashish Kacholia. ...
- Chandrakant Sampat. Chandrakant Sampat concludes our list of top 10 Stock Market Investors in India.
Popularly known as the “Warren Buffett of India,” Rakesh Jhunjhunwala is one of the greatest stock market investors India has ever seen. Born on July 5, 1960, Rakesh Jhunjhunwala was a stock market veteran.
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Born on July 5, 1960, Rakesh Jhunjhunwala's journey from a chartered accountant to one of India's most revered investors is nothing short of extraordinary. His unique ability to identify undervalued stocks and hold onto them with conviction, earned him the title of the Big Bull.
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Top 10 Traders in India
| Position | Top Traders in India |
|---|
| 1 | Premji and Associates |
| 2 | Radhakrishnan Damani |
| 3 | Rakesh Jhunjhunwala |
| 4 | Raamdeo Agrawal |
6 more rowsJul 19, 2024
Rakesh Jhunjhunwala
In addition to being known as "India's Warren Buffet" and "The Big Bull," Rakesh Jhunjhunwala is one of India's most renowned and helpful stock market analysts. Born to a salaried officer, Rakesh entered the stock market after graduating as a contractual bookkeeper. He now trades shares.
Who is the father of stock market in India? ›
Market expert Ramesh Damani named George Mathew Fernandes as the father of the Indian stock market, acknowledging his significant contributions to shaping the country's financial landscape. George Mathew Fernandes, a prominent trade unionist and socialist, played a crucial role in shaping India's industrial policy.
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| Rakesh Jhunjhunwala |
|---|
| Alma mater | Sydenham College of Commerce and Economics The Institute of Chartered Accountants of India |
| Occupations | Investor Stock trader |
| Spouse | Rekha Jhunjhunwala ( m. 1987) |
| Children | 3 |
5 more rowsManu Manek, often called the Black Cobra, was a secretive and cunning individual who rose to prominence in the Indian stock market during the 1970s and 1980s. He came from a middle-class family and started his career in stock broking.
Warren Buffett is often considered the world's best investor of modern times.
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Synopsis. Ace investor late Rakesh Jhunjhunwala, often referred to as the "Big Bull" of Indian stock markets, who passed away 2 years ago, would have turned 64 years today. If Jhunjhunwala can be remembered for one thing, it would be his often mentioned quote: “Bhav bhagwan hai” (price is god).
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The richest stock trader in the world is considered to be Warren Buffett. He is one of the most influential investors in the whole history of trading in the stock market. As of 2022, his net worth is 107 billion dollars. He managed to reach this huge success due to his discipline while trading.
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Radhakishan Damani
He currently holds a portfolio of 16 stocks worth around Rs. 200,299 crores. Besides Avenue Supermarts, his portfolio's next two biggest equity investments value-wise include VST Industries (a tobacco firm) and India Cements.
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NSE. The National Stock Exchange (NSE) is the largest stock exchange in India. In terms of market capitalisation, it is also the eleventh-largest stock exchange in the world. You can trade in seven capital market categories at the NSE.
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bear market, in securities and commodities trading, a declining market. A bear is an investor who expects prices to decline and, on this assumption, sells a borrowed security or commodity in the hope of buying it back later at a lower price, a speculative transaction called selling short.
Who is the richest stock broker in India? ›
| Rakesh Jhunjhunwala |
|---|
| Education | Chartered Accountant |
| Alma mater | Sydenham College of Commerce and Economics The Institute of Chartered Accountants of India |
| Occupations | Investor Stock trader |
| Spouse | Rekha Jhunjhunwala ( m. 1987) |
5 more rowsAs a result, today we'll talk about the people who are phenomenally successful in the Indian stock market. Radhakishan Damani - Radhakishan Damani, often known as 'Mr. White and White' due to his basic attire of a white shirt and white pants, is India's wealthiest stock market investor and the owner of D-mart.
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China has emerged as India's largest trading partner with $ 118.4 billion of two-way commerce in 2023-24, edging past the US.
