Here are the top stories this evening:
RIL Q4 consolidated PAT surges 22.5% YoY; FY22 gross sales top $100 billion
Reliance Industries Limited (RIL) reported a 22.5 percent year-on-year growth in its consolidated net profit to Rs 16,203 crore for the quarter ended March, which was below analysts' expectations of Rs 17,167 crore. The oil-to-telecom conglomerate's consolidated revenue from operations surged 36.8 percent year-on-year to Rs 2.1 lakh crore for the reported quarter, which met Street's estimate of Rs 2.1 lakh crore.
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Reliance Jio Q4 net profit rises 13.6% QoQ to Rs 4,313 crore
Reliance Industries' subsidiary Reliance Jio Infocomm reported a 13.6 percent quarter-on-quarter increase in net profit at Rs 4,313 crore for the quarter ended March, which was below the CNBC-TV18 poll of Rs 4,400 crore. The year-on-year growth in bottomline was 22.9 percent.
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Mindtree-LTI merger an excellent proposition, IT services will make up for 40% of L&T’s market cap in 2-3 years: AM Naik
AM Naik, group chairman of conglomerate Larsen & Toubro, said the merger between its two software units L&T Infotech and Mindtree is an excellent proposition and value accretive for shareholders, as the combined entity will create economies of scale and help it go after larger outsourcing contracts. Naik expects IT services to contribute at least 40 percent to the engineering behemoth's market capitalisation over the next 2-3 years.