India's L&T Finance jumps 9% after naming new CEO

L&T Finance

03/07/2023 07:54

** Shares of non-banking finance company L&T Finance
Holdings  LTFH.NS  rise as much as 9.04% to 139.25 rupees, their
 highest since Apr. 18, 2019
    ** Stock marks sharpest intraday pct gain since Aug. 25,
2022, on track for a fifth consecutive session of gain, if
trends hold
    ** Co on Saturday said Sudipta Roy will assume the position
of MD & CEO of co effective Jan. 24, 2024; takes up as new chief
operating officer immediately 
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since Apr. 25, suggesting bullish trend
    ** LTFH's relative strength index above 70, indicating it is
overbought
    ** More than 36.9 mln shares change hands by 12:11 p.m. IST,
2.9x 30-day avg of 12.5 mln shares
    ** Avg rating of 15 analysts equivalent of "buy", median PT
is 110 rupees - Refinitiv data
    ** Including session's gain, stock up 59.6% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))