RIL-$100 billion revenue | Rupee hit all-time low | Tata Motors ₹5,000 crore deal | Retail Inflation April | Air India New CEO – Business News this week
Check out below to read the Top 5 Prime Business News this week in the NF World Latest News section. This section covers the weekly summary of Economic, Stocks, Industry and Cryptocurrency related Business News.
RIL is India’s first company to reach the $100 billion mark revenue; 53rd on the Forbes Global 2000 list
Reliance Industries’ income has surpassed $100 billion in fiscal 2022, making it the first Indian company. In FY21, the Tata Group generated $103 billion in revenue.
Reliance stated its FY22 revenue increased by 47% to ₹7.9 lakh crore ($105 billion), owing to robust growth in its oil-to-chemicals and consumer (Jio & retail) divisions.
Profit increased by 26% to ₹67,845 crores ($9 billion), keeping the business atop the list of India’s most successful private companies.
Therefore, the operating profit, which measures underlying company performance, jumped 34% to ₹1.2 lakh crore.
Further, Forbes has now listed Reliance Industries in the 53rd position in the Global 2000 list.
Indian Rupee hits all-time low; Foreign exchange reserve comes down to $598 billion
The Indian rupee has gone over the 77-per-dollar mark for the first time, owing to rising crude oil prices and a growing trade imbalance.
For the second time this week, the Indian rupee fell to a new low versus the US dollar, reaching 77.63. It eventually settled at 77.5025.
The US Federal Reserve’s aggressive posture has resulted in higher US bond rates, with the dollar index reaching a 20-year high.
Foreign exchange reserves have fallen by roughly $45 billion from their all-time high of $642 billion, recorded for the week ending September 3, 2021.
According to RBI, the country’s foreign exchange reserves dipped to $598 billion for the week ending April 29.
Tata Motors won a ₹5,000 crore worth of electric bus tender contract
Tata Motors has won the largest 5,450 electric bus deal for ₹5,000 crores. They won the tender by dropping 40% of vehicle costs.
Tata Motors was the lowest bidder on the tender issued by Convergence Energy Services Ltd. The issuer is a subsidiary of the state-run Energy Efficiency Services Ltd. (EESL).
The bidding was divided into five categories. They are 12-metre low floor AC and non-AC e-buses, 12-metre standard floor non-AC e-buses, and 9-metre standard floor AC and non-AC e-buses.
Tata Motors bid Rs 41.45/km for a 9m standard floor AC e-bus. And Rs 39.21/km for a non-AC e-bus of the same size.
Air India: Tata Sons appoints Campbell Wilson as new CEO for the airlines
Tata Sons announced Campbell Wilson as the new CEO and Managing Director (MD) of Air India on May 12.
Air India’s board of directors confirmed the hiring of Campbell Wilson, subject to regulatory approvals, the company said in a statement.
Campbell Wilson has 26 years of experience in the aviation sector, working for both full-service and low-cost carriers. He was the founder-CEO of Scoot, Singapore Airlines (SIA) economic class subsidiary.
Wilson’s appointment as the next CEO of Air India comes after Turkey’s Ilker Ayci declined the post due to domestic objections to his former political connections.
Ayci worked for Turkey Airlines and was also close to President Recep Tayyip Erdogan.
Retail Inflation has reached 8 years high of 7.8%
Retail inflation speeded up to an almost eight-year high of 7.8% in April, up from 6.95% in March.
With rural inflation increasing to 8.4% and urban inflation increasing by nearly one percentage point month on month to 7.1%. These are according to data released by the National Statistical Office on May 12.
Inflation assessed by the Consumer Food Price Index (CFPI), jumped to a 17-month high of 8.4%, up from 7.7% in March. In rural India, food costs climbed at a quicker rate of 8.5%.
In fact, this is the fourth month in a row that retail inflation has stayed over 6%, the monetary policy framework’s upper tolerance level for inflation.