L&T Finance surges 24.5% in 4 days

L&T Finance Holdings rose 3.2% to Rs 69.40 at 10:44 IST on BSE, with the stock extending recent gains as the new RBI governor said on 4 September 2013, that new bank licences will most likely be announced around January 2014.

Meanwhile, the S&P BSE Sensex was up 475.43 points or 2.47% at 19,745.49.

The stock surged on high volumes. On BSE, 17.11 lakh shares were traded in the counter as against average daily volume of 5.47 lakh shares in the past one quarter.

The stock hit a high of Rs 71.90 and low of Rs 67.10 so far during the day. The stock had hit a record high of Rs 97.35 on 19 December 2012. The stock had hit a 52-week low of Rs 43 on 5 September 2012.

The stock had outperformed the market over the past one month till 6 September 2013, surging 24.31% compared with the Sensex's 2.87% rise. The scrip had, however, underperformed the market in past one quarter, declining 14.55% as against Sensex's 1.28% fall.

The large-cap company has equity capital of Rs 1716.93 crore. Face value per share is Rs 10.

Shares of L&T Finance Holdings (LTFH) have risen 24.59% in four trading sessions from a recent low of Rs 55.70 on 3 September 2013.

LTFH is one of the candidates who have applied for banking license with the Reserve Bank of India (RBI). The central bank has received 26 applications from those seeking to set up new banks.

LTFH's consolidated net profit rose 20.1% to Rs 144.94 crore on 29.4% growth in total income to Rs 1183.06 crore in Q1 June 2013 over Q1 June 2012.

L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

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