- Larsen & Toubro reported a 10% rise in net profit for the March quarter, surpassing estimates with a profit of ₹4,396 crore.
- Piramal Enterprises announced its decision to merge with its unlisted subsidiary Piramal Capital & Housing Finance, avoiding a mandatory public share sale by the unlisted arm.
- Bank of Baroda (BoB) has been given the green light by the RBI to onboard customers to its mobile banking app, bob World.
Stock news update: Larsen & Toubro’s net profit rises, Piramal Enterprises announces merger, and Bank of Baroda gets RBI approval for mobile app.
Larsen & Toubro’s Profit Surges
Larsen & Toubro, a leading technology, engineering, construction, manufacturing, and financial services conglomerate, reported a 10% rise in net profit for the March quarter. The company surpassed estimates with a profit of ₹4,396 crore. Despite a 5% decrease in order inflows in the last quarter, the company saw a 31% growth in order inflows for FY24, crossing ₹3 trillion. The company’s consolidated order book stood at ₹4.8 trillion as of 31 March, a 20% increase from the previous year.
Piramal Enterprises Announces Merger
Piramal Enterprises announced its decision to merge with its unlisted subsidiary Piramal Capital & Housing Finance. This strategic move will help the company avoid a mandatory public share sale by the unlisted arm. The merger is expected to be completed in nine to 12 months.
Bank of Baroda Receives RBI Approval
The Reserve Bank of India (RBI) lifted restrictions on Bank of Baroda (BoB), allowing the bank to onboard customers to its mobile banking app, bob World. This development marks a significant step forward for the bank in expanding its digital banking services.
Conclusion
These developments highlight the dynamic nature of the stock market and the strategic decisions companies make to drive growth. Investors should keep an eye on these stocks as they continue to evolve in response to market trends and opportunities.
