Business News Highlights: Market Closes On Muted Note, Sensex About 50 Points Down, Nifty Settles Nearly Flat
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Ban Lifted: RBI Permits New Customer Registrations On Bob World App
The Reserve Bank of India (RBI) permitted Bank of Baroda to resume onboarding new customers through its 'Bob World' application on Wednesday, over six months after imposing restrictions due to significant supervisory concerns. The RBI had imposed restrictions on the state-owned Bank of Baroda (BoB) on October 10, 2023, preventing it from onboarding new customers on its mobile app 'Bob World'.
L&T Q4 Result: Net Profit Increases 10% To Rs 4,396 Crore
Larsen & Toubro (L&T) reported a 10.2 per cent rise in consolidated net profit to Rs 4,396.12 crore for the March quarter. This compares to a consolidated net profit of Rs 3,986.78 crore reported in the corresponding period of the previous year. L&T disclosed in a filing to the BSE on Wednesday that the company's consolidated income increased to Rs 68,120.42 crore from Rs 59,076.06 crore in the year-ago period.
Canara Bank Q4 Result: Profit Surges 18% To Rs 3,757 Crore
Canara Bank announced an 18 per cent increase in net profit to Rs 3,757 crore during the fourth quarter ending March 2024, attributed to enhancements in core income and a decrease in non-performing assets. The Bengaluru-based lender had recorded a net profit of Rs 3,175 crore in the corresponding period of the previous year. In a regulatory filing on Wednesday, Canara Bank stated that during the quarter, its total income surged to Rs 34,025 crore from Rs 28,685 crore a year ago.
Tata Power Q4: Net Profit Jump 11% To Rs 1,046 Crore
Tata Power reported an 11 per cent increase in its consolidated net profit to Rs 1,046 crore in the March quarter compared to last year, primarily driven by higher revenues. According to a BSE filing on Wednesday, the consolidated profit for the quarter ending on March 31, 2023, was Rs 939 crore. The company's total income rose to Rs 16,463.94 crore in the quarter from Rs 13,325.30 crore in the corresponding period a year ago.
Red Hat CEO Emphasises Open Source's Influence In AI Landscape
Red Hat CEO Matt Hicks emphasised the increasingly apparent influence of the open-source ecosystem in the AI domain, predicting a forthcoming acceleration in momentum. Speaking at the Red Hat Summit, the IBM-owned enterprise open-source solutions provider unveiled its strategy and commitment to AI advancement.
Hicks stated during his keynote address that a single vendor would not develop Artificial Intelligence (AI); instead, it would be characterised by the flexibility of choices available.
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