Rel Retail becomes 4th Indian company to achieve $100bn valuation : Bulletin: Business Today
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Rel Retail becomes 4th Indian company to achieve $100bn valuation

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Shailendra Shukla | May 1, 2021

Reliance Retail becomes fourth Indian company to achieve $100 billion valuation

Reliance Retail has become the fourth Indian company to top $100 billion valuation  mark. The company sells everything from grocery to electronics, through its chain of retail stores spread across the country. Currently, unlisted shares of Reliance Retail are trading in the range of Rs 1,500 and Rs 1,550 apiece. At Rs 1,500 per share, the firm is valued at Rs 7.5 lakh crore, according to a report in The Economic Times. The premium has more than trebled since January last year when the company sold stakes to raise money. Reliance Retail reported a 88.1 per cent quarter-on-quarter growth in consolidated net profit at Rs 1,830 crore for the third quarter ended December 31, 2020.

Eight core industries' output up by 6.8% in March

The combined output of the eight core industries rose by 6.8 per cent in March -- a 32-month high -- as compared to a year ago. This increase has been led by a low-base effect. In the previous month of February, the output had contracted 3.8 per cent. The cumulative core sector output in FY21 fell to (-) 7 per cent due to output contraction in as many as eight months of the financial year. The ministry data on April 30 showed production declined in four out of the eight core sector industries. Cement production rose the highest, while coal sector witnessed the sharpest fall at 21.9 per cent.

Google saves over $1 billion a year as employees work from home due to COVID-19

Google has saved around $1 billion, with employees working from home amid the pandemic. During the first quarter, Google parent Alphabet Inc saved $268 million in expenses from company promotions, travel and entertainment, compared to the year-ago period, as mentioned in a company filing. According to a report in Bloomberg, Alphabet said that its advertising and promotional expenses dropped by $1.4 billion in 2020 due to reduced spending, paused or rescheduled campaigns and digital-only event formats. Travel and entertainment expenses fell by $371 million. The report states that Google used the savings to offset costs incurred in hiring new talent that were 'thousands' in numbers. Marketing and administrative costs in the company remained flat too because of the pandemic.

'Don't queue up at COVID-19 vaccination centres on May 1': Arvind Kejriwal

As India is preparing to roll out COVID-19 vaccinations for every citizen in the 18-44 age bracket on May 1, Chief Minister Arvind Kejriwal has urged people to not throng COVID-19 vaccination centres on May 1 since the national capital hasn't received sufficient doses of the vaccines. Delhi Chief Minister and Aam Aadmi Party (AAP) chief added that the city government has placed orders for 67 lakh doses each of Serum Institute of India's Covishield and Bharat Biotech's Covaxin in 3 months and they are ready to pay for it. While addressing an online briefing, Kejriwal assured Delhiites that everybody will be vaccinated.

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