Russian energy giant Gazprom overtook US-based energy major ExxonMobil in 2011 to become the world's most profitable company, according to the latest edition of Forbes magazine.
Gazprom netted $44.46 billion in profits last year, compared to $41.6 billion generated by ExxonMobil, which was the world's most profitable company in 2010. The Industrial and Commercial Bank of China ranked third in Forbes' ratings with $32.2 billion in profits.
Gazprom CEO Alexei Miller told the company's annual meeting of shareholders in June that the Russian energy giant was the world's leader in revenue for the second consecutive year and was second in output among all global oil and gas companies.
Forbes previously published a list of the world's 25 largest oil and gas companies in 2012, in which Gazprom ranked second only to Saudi Arabia's Aramco.
Gazprom reported a 35 percent year-on-year increase in its 2011 net profit to $44.6 billion. Gazprom's natural gas output grew by 0.9 percent in 2011 to 513.2 billion cubic metres, and its exports to Europe rose by 8.2 percent to 150 billion cubic metres.
Footwear major Woodland, owned by the Aero Group, is looking to re-position its sub-brand 'Woods' in the luxury footwear segment, focusing primarily on women's footwear, a top company official said Friday.
Global ratings agency Standard & Poor's said its outlook on India remained negative and there was a one-in-three likelihood of a downgrade within the next 12 months.
US industrial production, an indicator of the output of mines, factories and utilities, dropped 0.5 percent in April, US Federal Reserve reported.
Two Indian IT firms are feeling the heat of the recent $ 45 million global ATM heist.
Pleading guilty to 'felony charges' relating distribution of adulterated drugs made at two India units, the US subsidiary of Ranbaxy agreed to pay USD 500 million.
from Hindustan Times
An Indian-origin board member of the influential UK India Business Council said he is rethinking the role of off-shore tax havens in the current economic climate.
Mukesh Ambani has kept his annual salary capped at Rs 15 crore for the fifth year in a row, while foregoing nearly Rs 24 crore from the remuneration approved for him.