Business News #12 | NF World Latest News

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 on Economy, Stocks, Industry and Cryptocurrency related Business News in the week.

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Gautami Adani is now the sixth wealthiest person in the world

Adani Group chairman Gautam Adani became the world’s sixth-richest person, with a total worth of $118 billion.

Adani joined the $100 billion club on April 4. He is now the sole Indian on Bloomberg’s list of the world’s top ten billionaires. According to Forbes, he is also the richest billionaire in Asia.

The 59-year-old is now a centi-billionaire, joining the ranks of Elon Musk, Jeff Bezos, and Bill Gates as those with fortunes worth more than $100 billion.

Adani’s green energy company surged by ₹4.64 lakh crores and entered the top 10 companies in the market cap. That made him lift to the sixth position.

Adani Green Energy becomes the seventh-most valuable company in India

Adani Green has surpassed the top lender, State Bank of India, with a market cap of 4.64 lakh crores on April 18, 2022. Now, Adani Green becomes the seventh-most valuable company in India.

Adani Green Energy become the eighth-most valuable company in India on April 13, 2022. The firm surpassed Bajaj Finance and HDFC to take the eighth spot.

The firm entered the list of the top ten most valuable companies on April 11, 2022. In just 9 days, the firm has jumped to the seventh position among ten.

Adani Green Energy earned a market valuation of ₹4,64,215 crore on the BSE to move to a seventh position.

On the BSE, Adani Green shares finished at 2968.10, up by ₹103.35 or 3.61%. On April 18, the stock reached a new historic high of ₹3013.20 per share.

India’s wholesale inflation rate has increased to 12.96 per cent in FY21-22

In the fiscal year 2021-22, wholesale inflation was 12.96 per cent.

Several causes, including the second wave of COVID-19, the Russia-Ukraine war, and other supply chain bottlenecks, have contributed to a spike in inflation.

Thus, it has raised the cost of basics such as food and commodities.

In 1991, when India was in the midst of a catastrophic economic crisis that threatened to force the government into debt, wholesale inflation was 13.7 per cent for the fiscal year 1991-92.

In India, the Reserve Bank of India’s priority has moved from encouraging growth to managing the effects of growing inflation. That has disrupted the government’s plans to produce high GDP growth.

Therefore, RBI has reduced the GDP growth prediction for the fiscal year 2022-23 to 7.2% from 7.8%.

Tata Steel: Board members think of a stock split to reduce the share price

Tata Steel’s board of directors will discuss a stock split at its meeting on May 3.

“The company will consider a proposal for sub-division of the company’s equity shares with a face value of ₹10 each.”

“In such manner as may be determined by the board of directors, subject to regulatory and statutory approvals as may be required and the approval of the company’s shareholders,” the company said in an exchange filing.

According to experts, a stock split is performed by a firm to boost market liquidity after the price of a stock climbs beyond the grasp of regular investors, making the stock accessible to them.

An electric scooter manufacturer recalls 3,215 scooters for a free inspection

Okinawa Autotech, a manufacturer of electric scooters, recalls 3,215 Praise Pro scooters with immediate effect to inspect and repair any battery issues.

According to a statement issued on April 16, the effort is part of the company’s complete power pack health check-up camps.

Okinawa initiated the recall in response to several reports of fires in electric two-wheelers all over India.

‘The batteries will be inspected for loose connections or any damage and fixed free of charge at any Okinawa approved dealerships across India,’ said Okinawa Autotech.

The electric two-wheeler manufacturer is working closely with its dealer partners. They are trying to ensure that the repair process is convenient for its consumers.

Further, the company will contact the vehicle owners individually for this purpose, they said.

‘This voluntary effort is in response to the recent heat event. And they are consistent with the firm’s long-standing commitment to customer safety,’ according to the company.

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