Recently listed Life Insurance Corporation (LIC) entered the newest Fortune Global 500 record, whereas Reliance Industries jumped 51 locations.
The nation’s largest life insurer with income of USD 97.26 billion and income of USD 553.8 million, was ranked 98th within the not too long ago launched Fortune 500 record.
Reliance Industries jumped 51 spots to 104 on the 2022 record.
This is LIC’s first outing on the record, which ranks listed corporations by gross sales. Reliance, with income of USD 93.98 billion and internet revenue of USD 8.15 billion in the newest 12 months, has been on the record for 19 years.
The record, led by US retailer Walmart, has 9 Indian corporations — 5 of them state-owned, and 4 from the personal sector.
Only debutant LIC, which got here out with its IPO final fiscal, was ranked larger than Reliance amongst Indian corporations.
Indian Oil Corporation (IOC) rose 28 locations to 142nd rank whereas Oil and Natural Gas Corporation (ONGC) climbed 16 locations to 190.
The record has two Tata group corporations — Tata Motors at 370 and Tata Steel at 435th place. Rajesh Exports at 437th rank is the opposite personal Indian firm on the record.
State Bank of India (SBI) climbed 17 locations to rank 236 and Bharat Petroleum Corporation Ltd up 19 locations to 295.
The Fortune Global 500 record ranks corporations by whole income for his or her respective fiscal years ended on or earlier than March 31, 2022.
“The rebound from COVID-19 has created a significant tailwind for the world’s largest company by revenue,” Fortune mentioned.
Cumulative gross sales for the Fortune Global 500 reached USD 37.8 trillion, a rise of 19 p.c — the best annual progress price within the record’s historical past.
Walmart got here in at No. 1 for the ninth 12 months in a row, adopted by Amazon, which reached its highest rating ever. Chinese vitality giants State Grid, China National Petroleum, and Sinopec rounded out the highest 5.
For the primary time, revenues from Global 500 corporations in Greater China (together with Taiwan) exceeded revenues from US corporations on the record, accounting for 31 p.c of the full.
“Corporations that make up our annual ranking of the world’s largest companies also reaped record-busting profits in 2021. But this year’s turmoil has confronted Fortune Global 500 leaders with a new set of crises – – many of them are political as well as economic,” it added.
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