Ashok Leyland
Commercial vehicle maker Ashok Leyland declared its sales data for the month of May 2024. The company reported a 12 per cent increase in total wholesales at 14,682 units in the previous month as compared to total wholesales of 13,134 units in the year-ago period.
Ashok Leyland released a statement stating the sales of medium and heavy commercial vehicles in the Indian market accounted for 13 per cent, while the light commercial vehicle sales increased 11 per cent as compared to May 2023.
L&T
Larsen & Toubro Ltd has been fined by the Income Tax department in connection to the tax proceedings of erstwhile L&T Hydrocarbon Engineering Limited. The tax authority imposed a penalty of over Rs 4.68 crore on L&T. According to a regulatory filing, L&T Hydrocarbon is a wholly-owned subsidiary, which was merged with L&T on April 1, 2021.
“Pursuant to the income tax assessment of the company and consequent adjustment in the returned income for the Assessment Year 2020-21, a penalty is levied on such adjustment to the returned income,” it said.
Adani Group
Adani Group companies – Adani Ports, Adani Energy Solutions, Adani Wimar and others registered a record 45 per cent rise in pre-tax profit (EBITDA) to Rs 82,917 crore (about USD 10 billion) in 2023-24. The Group’s five-year CAGR (compound annual growth rate) for profit growth was 54 per cent.
Canara Bank
Canara Bank has given the green signal to a proposal to dilute 14.50 percent stake in insurance arm Canara HSBC Life Insurance Company.
The public sector lender issues a statement saying, “Canara Bank has accorded approval for initiating the process of diluting 14.50 percent stake of the Bank in its subsidiary M/s Canara HSBC Life Insurance Company Ltd by listing the Company in Stock Exchanges (BSE/NSE) through Initial Public Offer (IPO).”
PNB
Punjab National Bank (PNB) has announced to increase its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points for tenures ranging from 3 months to 3 years. The new rates will be effective from 1st June 1. Punjab National Bank share price closed at Rs 129.40 on the BSE on May 31, 2024.
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Stocks to watch June 3, 2024: The shares of Ashok Leyland, Larsen & Toubro (L&T), Adani Group, Canara Bank, and Punjab National Bank (PNB) are expected to remain in news on Monday. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
