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It was another day and another high for the stock of L&T Finance Holdings. After hitting a high of Rs 89.25 — the highest level since its listing — early today, the stock is ruling at Rs 87.30, a gain of about 1.3 per cent over the previous day’s close.
On Thursday, the company while expressing its concern over reports of merger and acquisition activities that could have impacted the spurt in volume and stock price, said it pursues both organic and inorganic opportunities on an ongoing basis.
“It would not be possible or prudent for the company to be responding in any manner to rumour or speculation,’’ it further clarified.
The stock gained 36 per cent in the last one week and 66 per cent in the last one month to current levels accompanied by high volumes.
Earlier this month, there was talk of the company joining hands with Pantaloon for insurance venture. It then said: “L&T Finance Holdings Ltd, which is the financial services arm of Larsen & Toubro Ltd (L&T), being a subsidiary of L&T is not eligible to be a sponsor of insurance business as per IRDA guidelines. Consequently it is not involved in discussions with Pantaloon Retail, in regard to its stake in Future Generali India Insurance Company.’’
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