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L&T Finance Holdings rises on plans to seek banking license

SI Reporter/Mumbai 01 Jul 13 | 09:52 AM
 L&T Finance Holdings Ltd
tradenow

BSE   22 May 18 | 11:47 AM

166.30  -0.9 (-0.54%)

NSE   22 May 18 | 11:44 AM

166.15  -0.8 (-0.48%)

L&T Finance Holdings is trading higher by 3.3% at Rs 81.05 after its board approved the company's proposal to apply to the Reserve Bank of India (RBl) for a banking licence.

“The board of directors of the company at its meeting held on June 29, 2013, has approved the company's proposal to apply to the RBl for a licence to set up a bank in accordance with the guidelines for licensing of new banks in the private sector issued by the RBI," L&T Financial Holdings, a financial arm of engineering company Larsen and Toubro (L&T) said in a filing.

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L&T Finance Holdings was seen as one of the favorites to get a new banking licence because its parent L&T has a diversified ownership.

The stock opened at Rs 80 and touched high of Rs 81.10 on BSE. A combined 942,416 shares have changed hands on the counter till early morning deals on BSE and NSE.

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Company Price Gain (%)
Bajaj Auto2,806.803.20
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Dr Reddy's Labs1,926.401.69
NTPC166.951.58
Larsen & Toubro1,330.201.23

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