Stocks to Watch: RIL, BoB, ICICI Bank, ICICI Lombard, Britannia, BHEL
Reliance Industries: Reliance Industries Ltd (RIL) has sought the nod of shareholders to appoint Mukesh Ambani as chairman and managing director of the company for another five years till 2029. During this period he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years of age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar, according to a PTI report.
Reliance’s board of directors on July 21, 2023, approved “re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term," RIL said. Bank of Baroda: State-owned bank, Bank of Baroda has declared its Q1FY24 results today.
Sharing its first quarter results for the current financial year, the PSU bank reported an 87.72 per cent YoY jump in net profit during April to June 2023 quarter. This robust growth in profitability was supported by healthy Operating Income growth of 42.9 per cent YoY in Q1FY24. The state-owned lender claimed that strong growth in income coupled with a subdued increase in Opex has resulted in robust Operating profit growth of 73 per cent YoY for Q1FY24.
ICICI Bank/ICICI Lombard: The Reserve Bank of India (RBI) has given approval to the ICICI Bank for raising a stake in one of its subsidiaries ICICI Lombard General Insurance Company Limited. The central bank of India has granted ICICI Bank to raise a stake in ICICI Lombard by up to 4 per cent in various tranches. The private lender informed Indian stock market bourses about receiving the RBI's approval for raising the stake in its subsidiary.
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