Current Affairs - Business

Reliance Industries Limited (RIL) advanced two positions to secure the 86th spot in the 2024 Fortune Global 500 list. This achievement marks the highest ranking ever attained by the conglomerate, reflecting its robust performance and strategic growth across various sectors. For the 21st consecutive year, RIL remains the highest-ranked Indian corporation in the list, highlighting its significant impact on both the Indian and global economies. The ranking is based on total revenues, with RIL reporting record-high consolidated revenues and a substantial rise in EBITDA for FY24.

Bharat Heavy Electricals Limited (BHEL) has been awarded a Rs 10,000 crore contract by Damodar Valley Corporation (DVC) for the Koderma Thermal Power Station Phase-II in Jharkhand. This significant project involves the supply and installation of major equipment, including boilers, turbines, generators, and associated systems. BHEL's involvement extends to civil works and commissioning, highlighting its key role in enhancing India's thermal power infrastructure and reinforcing its position as a leading player in the energy sector.

Rapido, a ride-hailing startup, raised $120 million in fresh funding led by WestBridge Capital in 2023, reaching a $1 billion valuation and achieving unicorn status. This milestone makes Rapido the third startup to join the unicorn club in 2023, following Krutrim and Perfios. The significant investment highlights the renewed activity and growth in the Indian startup ecosystem, particularly after a period of funding slowdown.

The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty addressed violations related to policyholders' interests and outsourcing irregularities, each accounting for Rs 1 crore. The violations were found during an inspection covering the financial years 2017-18 to 2019-20. IRDAI has also issued directives to ensure compliance, requiring HDFC Life to submit an action plan and review outsourcing contracts.

Aditya Birla Group, under the leadership of Chairman Mr Kumar Mangalam Birla, announced the launch of its jewellery retail business named 'Indriya' on July 30. This move marks the Group's entry into the Indian jewellery market, leveraging its strong brand equity and market insights. Indriya aims to become one of the top three jewellery retailers in India over the next five years, with a significant investment of Rs 5,000 Cr. The brand's name and insignia are inspired by India's cultural heritage and symbolize beauty, grace, and empowerment.