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27-Nov2012

L&T spurts on concluding acquisition of Fidelity's MF business

Larsen & Toubro is currently trading at Rs 1624.90, up by 17.90 points or 1.11% from its previous closing of Rs 1607.00 on the BSE.

The scrip opened at Rs 1612.05 and has touched a high and low of Rs 1629.00 and Rs 1612.05 respectively. So far 45079 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 1719.50 on 29-Oct-2012 and a 52 week low of Rs 971.00 on 21-Dec-2011.

Last one week high and low of the scrip stood at Rs 1613.50 and Rs 1537.20 respectively. The current market cap of the company is Rs 99918.98 crore.

The Institutions holding in the company stood at 53.24 % while Non-Institutions held 43.55% of the stake.

Larsen & Toubro's business arm L&T Finance, has completed the acquisition of Fidelity's mutual fund (MF) business in India for an undisclosed amount. After this transaction, the all new L&T Mutual Fund has over Rs 12,800 crore in managed assets and an investor base of close to 9.5 lakh investors from more than 200 cities and towns.

Through this acquisition, the company's fund suite spans the whole range of investment opportunities - equity, fixed income, hybrid, domestic and international funds - and moves closer to becoming one of the country's leading and admired asset management companies.


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