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India's software co chief world's third richest

NEW DELHI: Azim Premji, chief of India's Wipro Corporation, became the world's third richest man after his company's market capitalisation touched 47.5 billion dollars on Friday, press reports said on Saturday.

The Business Standard newspaper said the information technology company doubled its market capitalisation in just 12 trading session from 1,062 billion rupees (24.7 billion dollars) due to an unprecedented bull run on its scrip.

Premji, who controls 75 percent of the stock in the company, has now a net worth of 1,532 billion rupees.

"At 35.2 billion dollars, that should make him the third richest businessman in the world," the daily said.

According to the Forbes magazine, which compiled its annual list of the world's richest people in July last year, Bill Gates topped with 90 billion dollars while Warren Buffett stood second at 36 billion dollars.

Premji replaces Microsoft co-founder Paul Allen who stood third at 30 billion dollars. The Economic Times daily, however, advised caution.

"The Forbes ranking did not factor in Nasdaq's post-December rise of 10 percent which would presumably have enriched America's Richie Rich some more," it said.

Analysts said that there was a "mad scramble" on Friday in the country's premier Bombay Stock Exchange to buy Wipro stocks.

"A mad scramble to buy Wipro by foreign institutional investors is largely responsible for the spurt in the stock," a foreign fund manager said.

"Inclusion of Wipro in the Morgan Stanely-Capital International Emerging Markets Index has prompted most US funds to park their funds in Wipro in accordance with its weight in the index," he said.

The 54-year-old Premji sought to downplay his newly-found status and said he had no clue why the stocks were booming.

"I have no clue. I am not an expert at the stock market ... between that we have done over the last two or three months and now there is no fundamental change," he told the Times of India newspaper. AFP