India's L&T Finance Holdings hits 1-1/2-yr high on Q3 profit jump

L&T Finance

16/01/2023 04:44

** Shares of non-banking financial co L&T Finance Holdings
 LTFH.NS  rise as much as 6.3% to 98.3 rupees, their highest
level since June 16, 2021
    ** Co reported 39.3% YoY increase in quarterly consol net
profit to 4.54 bln rupees on highest ever quarterly retail
disbursements
    ** Retail profit after tax (PAT) rose 76% YoY to 3.94 bln
rupees, aided by strong return on assets in the segment
    ** Stock set to rise for a second straight session, if gains
hold
    ** Over 17.7 mln shares traded as of 9:38 a.m. IST, twice
the 30-day moving average
    ** LTFH traded most since Dec 2, 2022
    ** Eleven of the 14 analysts covering the stock have a "buy"
or "strong buy" rating, two have "hold" while one rate it at
"sell" or "strong sell;" median PT is 95 rupees - Refinitiv data
    ** Stock rose 12.3% in 2022, after four consecutive annual
losses
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))