Saudi Aramco Became The World’s Most Valuable Company

Saudi Aramco became the world’s most valuable company, leaving Apple behind as World’s the Most Valuable Company.

Saudi Aramco has become the world’s most valuable company. It has replaced Apple. Earlier, Apple was known as the world’s most valuable company.

But on Wednesday, Saudi Aramco snatched the title from Apple and became the world’s most valuable company.

This happened because the rise in oil prices led to a rise in oil sector stocks and a fall in tech industry stocks.

Saudi Aramco, the national petroleum and natural gas company of Saudi Arabia, is also known as the world’s largest oil producer.

At the close of the market on Wednesday, Saudi Aramco’s market value reached 2.42 trillion dollars.

While Apple’s market value has been reduced to 2.37 trillion dollars due to the decrease in share price. Apple’s stock price has seen a significant drop in the past month.

Apple posted better-than-expected profits in the first three months of this year amid strong consumer demand, but the stock price declined.

Simultaneously, Apple estimates that the June quarter results may shrink by $4 to $8 billion due to the Covid-19 lockdown and supply chain crisis in China.

Its Chief Financial Officer Luca Maestri said in a conference call with analysts, “Supply constraints due to Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products. ”

At the same time, oil giant Saudi Aramco reported a 124 percent increase in last year’s net profit.

This happened after its facility was recently attacked by Yemeni rebels and there was a “temporary” drop in production.

“Aramco’s net income increased 124 percent to $110.0 billion in 2021 compared to $49.0 billion in 2020,” the company said.

The rupee weakens again against the US dollar, falling 15 paise to close at 77.40.

The rupee on Thursday closed 15 paise lower at 77.40 (provisional) against the US dollar on risk aversion sentiments amid rising global inflation concerns.

Forex traders said weak domestic equities, a rally in the US dollar in overseas markets, and continued foreign fund outflows also weighed on the rupee.

The rupee settled at its all-time intra-day low of 77.63 against the US dollar. The rupee opened at 77.52 in the Interbank Foreign Exchange market and was in a range of 77.36 to 77.63 in the day’s trade.

Then, the rupee finally closed at 77.40, down 15 paise from its previous close. The rupee had closed at 77.25 against the US dollar on Wednesday.