today i sold 150 shares of the company and reaped gud profit.
hope the share price will remain up in the coming days and i'll sell all my shares.
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L&T Finance To Acquire Fidelity India Biz; Stock Zooms
As per reports, the scrip of L&T Finance & Holdings Ltd gained more than 3 per cent during early trade today in a feeble market after the firm has decided to get hold of Fidelity Worldwide Investment's Indian mutual fund biz.
The pact would make the company the tenth largest equity fund house in a highly fragmented and bloodthirsty market marked by wafer-thin profitability.
The financial services division of construction giant Larsen & Toubro pipped competitors comprising HDFC Asset Management and Pramerica, to get hold of Fidelity Worldwide Investment (FIL).
The contract will immediately enhance L&T's assets to Rs 13,500 crore, making it the 13th largest fund and the 10th major on the basis of equity.
Industry sources stated that L&T has paid around Rs 530-550 crore to acquire Fidelity, valuing the agreement at 6.2% of Fidelity's overall assets under management of Rs 8,881 crore as on December 31.
But, the transaction does not comprise the equity fund management group headed by Alexander Treves, the chief investment officer of Fidelity Mutual Fund.
L&T, which made entry in the mutual fund business during September 2009 by purchasing DBS Cholamandalam Asset Management, hold assets worth Rs 4,616 crore as on December 31.
At 10:00 a.m., the company’s shares were ruling 2.3% up at Rs 50.95.
The stock of the company has seen a high of Rs 52.50 and a low of Rs 50.80, thus far in trade.
today i sold 150 shares of the company and reaped gud profit.
hope the share price will remain up in the coming days and i'll sell all my shares.
Fidelity acquistion: L&T Finance gets best of both worlds
'Hold' L&T; target Rs 1470: ICICI Direct
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