The first official glimpse of Saudi Aramco’s financial performance confirms the state run oil giant, which produces around 10% of the world’s crude oil, can generate profit like no other company on earth. Net profit last year was 111.1 Billion $ (roughly 7,70,000 crore ₹) which is equal to the combined profits of behemoths such as Apple, Google and Exxon Mobil; which makes Aramco a super behemoth of an entity. Aramco’s financials were made public after decades because it plans to raise money via an issue of bonds for the acquisition of Sabic from international investors. In a landmark decision, The Supreme Court today struck down the RBI’s controversial Feb 12th Circular on defaulting companies, calling it illegal. There were many drawbacks to the Feb 12th circular which we discuss in detail. The striking down of this circular by the Supreme Court comes as a major relief to stressed companies, specifically power and sugar companies. The Serious Fraud Investigation Office (SFIO) has arrested Hari Sankaran, who was the former Chairman, in connection with its ongoing investigation, marking the first arrest in the fraud hit IL&FS.
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