Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the daily news and updates of Economy, Stocks, Industry and Cryptocurrency related Business News in the week.
Second Most Valuable Brand in IT services in the world: TCS
Tata Consultancy Services (TCS) has grown to become the world’s second most valuable brand in the IT services sector. According to Brand Finance, Infosys and four other Indian IT conglomerates have firmly established themselves among the top 25 IT services brands.
As per the brand valuation firm, all six Indian brands will be among the top ten fastest-growing IT Services brands between 2020 and 2022.
According to the research, Accenture kept the title of the world’s most valuable and powerful IT services brand. And also with a record brand worth of USD 36.2 billion.
Indian IT services companies outperformed their US counterparts, with an average growth of 51% from 2020 to 2022, compared to a 7% loss for US brands.
MoSPI reports that India’s GDP has increased than the previous year apart from the pandemic situation
The Ministry of Statistics and Programme Implementation (MoSPI) estimates India‘s GDP growth in 2021-22 at 9.2 per cent. Former Niti Aayog Vice-Chairman Arvind Panagariya claims this is more than any other country this year. And that the recovery has been widespread.
Furthermore, Panagariya stated that the government should immediately declare its target of reducing the fiscal deficit by half a percentage point in 2022-23.
The budget deficit increased to 9.5% in the first pandemic year 2020-21 due to the COVID-19 pandemic. In the current fiscal year, the government intends to run a budget deficit of 6.8 per cent of GDP.
Adani Wilmar IPO: Subscription opens on January 27
Adani Wilmar’s Rs 3,600 crore initial public offering (IPO) will begin on Thursday, January 27, 2022. And will be available for subscription through Monday, January 31, 2022.
The IPO’s price band has been set at Rs 218-230 per share with a face value of one rupee each.
Adani Wilmar offers various cooking oils and other edible items under the Fortune brand. It has reduced the amount of its IPO to Rs 3,600 crore from Rs 4,500 crore previously envisaged. Moreover, it is a 50:50 partnership between Gautam Adani’s Adani Group and Singapore‘s Wilmar group.
Air India will hand over to Tata Group on January 27
According to airline officials, Air India will most probably be handed over to the Tata Group on January 27, with the disinvestment process nearing completion.
On January 24, the finalised airline’s financial report has presented with the Mumbai-based conglomerate. And anticipated to examine it by January 26, after which the transfer will take place. Moreover, the balance sheet’s closure date has been scheduled for January 20.
Vinod Hejmadi, Air India’s Director of Finance, wrote to the airline’s staff on January 24, “The disinvestment of Air India has presently planned to happen on January 27, 2022.”
India’s Unemployment rate is increasing gradually: CMIE
According to statistics, India‘s jobless rate has outpaced the world average in five of the previous six years. That owes to an economic downturn exacerbated by the epidemic.
Mumbai-based the Centre for Monitoring Indian Economy (CMIE) and the International Labour Organization published these statistics.
According to the CMIE, India’s unemployment rate fell to 7.9 per cent last month after peaking at 23.5 per cent in April 2020.
The Canadian rate fell to a multi-month low of 5.9 per cent in December. While the OECD group of primarily affluent nations recorded a sixth consecutive month of fall in October. That includes countries like the United States experiencing unemployment problems as economic activity ramps up.