L&T Finance gains after completion of Family Credit acquisition

The company made the announcement during trading hours today, 1 January 2013.

Meanwhile, the BSE Sensex was up 140.51 points or 0.72% at 19,567.22.

On BSE, 82,000 shares were traded in the counter as against average daily volume of 30.67 lakh shares in the past one quarter.

The stock hit a high of Rs 90.80 and a low of Rs 89.25 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 40.35 on 15 May 2012.

The stock had outperformed the market over the past one month till 31 December 2012, surging 19.06% compared with the Sensex's 0.45% rise. The scrip had also outperformed the market in past one quarter, galloping 83.88% as against Sensex's 3.54% gain.

 

The large-cap company has equity capital of Rs 1716.19 crore. Face value per share is Rs 10.

L&T Finance Holdings (LTFH) on 19 October 2012 entered into definitive agreements with France's Societe Generale Consumer for the acquisition of 100% of FamilyCredit (FCL), a well established NBFC with presence across two-wheeler and auto financing. The consideration paid by LTFH for this acquisition is Rs 120 crore. This acquisition will consolidate L&T Finance Holdings' presence in auto financing business in India.

L&T Finance Holdings' consolidated net profit rose 15.7% to Rs 143.74 crore on 28.4% growth in total income to Rs 941.66 crore in Q2 September 2012 over Q2 September 2011.

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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