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Indices down 0.5% as rupee breaches 56 markMay 23 2012 16:25
L&T Finance plans to seek a banking license
MUMBAI (makemystocks): L&T Finance Ltd, a wholly-owned subsidiary of engineering major, Larsen & Toubro Ltd (BOM:500510) is planning to apply for a banking license, the chairman was quoted as saying by the media today.
“L&T Finance has the potential of becoming a complete bank and we will apply for the licence soon,” said AM Naik, Chairman, L&T said on Thursday.
L&T stocks inched ahead with gains of 0.18% at Rs.1865.50 in the early trades on the BSE today. The overall market sentiment remained negative on the concerns of the global economic recovery.
Commenting on the company’s foray into banking business, Naik said the company will “unlock value” in L&T Finance by the end of this financial year.
“We have not yet decided as how we will unlock value of our finance business but we will decide it by September this year,” he said.
“L&T Finance has the potential of becoming a complete bank and we will apply for the licence soon,” said AM Naik, Chairman, L&T said on Thursday.
L&T stocks inched ahead with gains of 0.18% at Rs.1865.50 in the early trades on the BSE today. The overall market sentiment remained negative on the concerns of the global economic recovery.
Commenting on the company’s foray into banking business, Naik said the company will “unlock value” in L&T Finance by the end of this financial year.
“We have not yet decided as how we will unlock value of our finance business but we will decide it by September this year,” he said.
