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Mid cap stock jumps 3% after shares worth ₹ 1,500 Cr in the company exchanged hand

Published 13-06-2024, 12:17 pm
Mid cap stock jumps 3% after shares worth ₹ 1,500 Cr in the company exchanged hand

Shares of one of India’s leading non-banking financial firm gained 5 percent reaching a 52-week high price of ₹179 on the BSE in Thursday’s intraday trade after over 3 percent of the total equity of the company changed hands via block deals.

At 11:05 a.m., L&T Finance Holdings Ltd shares were trading at ₹177.40 per share, up 3.99 percent from the previous close price. The company has a market capitalization of ₹ 44,104 crore.

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Reports indicate that in early trade on Thursday, 3.56% of L&T Finance Holdings Ltd’s equity, equivalent to 88.66 lakh shares, changed hands through a block deal valued at ₹1,500 crore. The identities of the buyers and sellers remain unknown.

According to the latest shareholding pattern, the promoters hold 65.86 percent of the company, while foreign institutional investors hold 11.04 percent and domestic institutional investors hold 8.69 percent.

L&T Finance Holdings Ltd is an NBFC that provides a wide range of financial products and services, including farm equipment financing, two-wheeler financing, microloans, consumer loans, home loans, loans against property, and others.

The Company’s return on equity increased from 7.54 percent in FY23 to 9.89 percent in FY24, while the return on capital employed rose from 13.03 percent to 35.26 percent during the same period. Similarly, the net profit margin has increased to 17.06 percent.

L&T Finance’s share has increased by 15 percent in six months and by 62 percent in a year.

In terms of revenue, there was a 6.3 percent year-on-year growth, with revenue increasing from ₹12,775 crore in FY22-23 to ₹13,581 crore in FY23-24. Similarly, the net profit surged by 51 percent during this period, rising from ₹1,536 crore to ₹2,317 crore.

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Written by Omkar Chitnis


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