Business News This Week #15 | NF World Latest News
Tata Motors-patents | Inflation-Europe | US-largest trading partner | Ruchi Soya results | India’s Q4 GDP results – 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.
Tata Motors has recorded 125 patents on powertrain innovations
Tata Motors announced that it filed a record 125 patents on powertrain innovations in the previous fiscal year.
According to the firm, the number of patents submitted in the previous fiscal year was the most for the automaker so far.
Tata Motors stated in a statement that the patents submitted include a wide variety of inventions and advances in traditional and new energy engine technologies, safety, connected vehicle technologies, body in white (BIW) and trims, and other vehicle systems.
In the fiscal year 2021-22, 56 patents were approved out of the total number of submissions.
Tata Motors President and CTO Rajendra Petkar stated that they are setting a benchmark in cutting-edge technologies and digitalisation.
Inflation hits a record 8.1% due to rising energy costs in Europe
Inflation in the 19 nations that use the euro currency reached a record 8.1% in May, owing to rising energy costs caused by the ongoing war. This is according to a news article published by Hindustan Times.
According to the most recent Eurostat figures, annual inflation in the eurozone has surpassed the previous high of 7.4% set in March and April.
Energy prices increased 39.2%, demonstrating how the war and the resulting global energy crisis are increasing the cost of living for the eurozone’s 343 million citizens.
Inflation in the eurozone has reached its highest level since the euro’s inception in 1997.
The latest results put more pressure on European Central Bank officials to hike interest rates from ultralow levels to keep prices from increasing.
US is the largest trading partner for India in FY21-22; overtakes China
According to the latest statistics from the commerce ministry, the United States was India’s biggest trading partner in 2021-22.
The US overtakes China, indicating post-pandemic realignments of global trade and improving connections between two of the world’s greatest democracies.
The United States has long been India’s greatest market for service exports.
But, new trade data reveal that abroad sales of products to that country have surpassed China. And making it the largest bilateral trading nation in Asia’s third-largest economy.
According to official figures released in April, India’s merchandise exports would reach a record $418 billion in 2021-22. Surpassing the Centre’s objective by approximately 5% and representing a 40% increase over the previous year.
Baba Ramdev’s Ruchi Soya has reached a 250% dividend for FY22
Ruchi Soya Industries Limited stated that its board of directors recommended a 250% dividend for the fiscal year that ended in March. Ruchi Soya is a diversified Fast Moving Consumer Goods (FMCG) and Fast Moving Health Goods (FMHG).
The firm is currently run under new ownership by yoga guru Ramdev. It has issued a dividend of 5 per share, the highest among rivals. The corporation gave the highest dividend of 25% in 2008.
According to the corporate statement, Ruchi Soya Industries had a 48.22% increase in sales. Rising to ₹24,284 crores from 16,383 crores the previous year.
The company attributed the revenue increase to the oil business and new ventures like biscuits, morning cereals, and nutraceuticals. That saw a 209% increase in sales to ₹1,979 crores.
India’s Q4 GDP results: GDP for the Jan-Mar increased 4.1%
The impact of the Omicron wave of the Covid-19 outbreak on the industrial sector and contact-intensive services weighed on India’s economic development in Q4.
The data is significant because it will show how the economy was able to withstand the worldwide shocks of the war.
It is the time when the government is attempting to implement steps to combat the country’s record-high inflation rate.
The data show that the fiscal deficit for 21-22 would be 6.71% of GDP, down from the 6.9% forecast by the finance ministry in updated budget projections.
The GDP of India increased by 8.7% in the fiscal year 2021-22, while the GDP for the January-March quarter (Q4 of FY22) increased by 4.1%, according to figures issued by the National Statistical Office (NSO).
The fourth-quarter GDP growth rate was lower than the 5.4% recorded in the October-December quarter. But higher than the 2.5% experienced in January-March 2021.
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