L&T Finance likely to remain in Rs 72- 85 range: SP Tulsian

L&T Finance is likely to remain in Rs 72- 85 range, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “Last week there was all kind of news that L&T Finance Holdings are looking to acquire the Dhanlaxmi Bank and maybe in anticipation though the market was saying that the company is seen to be banking license the prospects of company getting banking license are very high. But I don’t think that the whole process of the allotment of the banking license will happen atleast in the next 12 months because yet the guidelines or maybe the discussion papers have to come out from the Reserve Bank of India.”
He further added, “There was a strong news and in fact we have seen the good run up in the share from Rs 52 to as high as Rs 86-87 and whatever corrections which we have seen in last maybe two three days it fell to as low as Rs 70. Yesterday also the same show we discussed that now at Rs 72 it makes a good buy. So, maybe again the stock can move to about Rs 83-84 and probably the range for the stock is likely to remain within this range of Rs 72-84-85 and it is likely to remain in that unless and until we have some crystallise confirmation coming in on the acquisitions in respect to the Dhanlaxmi Bank which is again moving or floating in the market.”