L&T Finance
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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Sept 29 (Reuters Breakingviews) - Making something cheaper is usually a decent starting point to boost demand. Less than one year after opening up the market to 100% foreign investment, India's insurance regulator has proposed unexpectedly sweeping and severe cuts to commission rates agents and distributors, including banks, can charge. That may improve the industry’s health but the bigger challenge is convincing Indians they need insurance.
Reform is needed. In a two-part consultation paper published last week, the Insurance Regulatory and Development Authority of India laid out plans to reverse its earlier move to scrap commission caps. Since that 2023 decision, distributor remuneration has outpaced premium growth by around four times, and expense ratios have risen to levels seen a decade ago. Insurance penetration, meanwhile, remains stuck at a measly 3.8% of GDP.
The new proposals are complex but in essence they would cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's first year. For example, in health insurance, commissions would be capped at 15% of first-year premiums and 5% on renewals, compared to the current over-30% fee. Similarly, for life insurance, brokers and banks can earn up to 20%, half the current rate.
Distributors will suffer: shares of PB Fintech PBFI.NS - an online insurance marketplace and the poster child of distribution - shed nearly 40%, equivalent to $3.5 billion of market value. At L&T Finance LTFL.NS, the drop was 9%. The non-bank relies on insurance commissions for 26% of its annual pre-tax profit. Yet an up to 7% drop in the shares of insurers including HDFC Life HDFL.NS, ICICI Life ICIR.NS, Canara HSBC Life CANR.NS and Max Financial Services MAXI.NS, for whom commission is a cost, implies premiums will also suffer to a lesser extent.
There is clear room for the regulator to tweak its proposals based on feedback. PB Fintech, for example, is a champion of financial literacy and supporting customers to make informed decisions; analysts at Kotak argue that the company could push IRDAI to include incentives benchmarked to quality parameters.
If affordability is a big barrier to stronger uptake, IRDAI's proposals should help. But many Indians still look to insurance for savings rather than protection. That means it competes with the growing popularity of mutual funds and the stock market as a place to park household wealth. That may also explain why the number of individual life policies have stagnated over the last decade despite rising incomes.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India's insurance regulator on September 23 proposed a sweeping overhaul of commission rules in a two-part consultation paper titled ‘Recalibrating Economics of Insurance Distribution’.
Proposals released by the Insurance Regulatory and Development Authority of India would cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's first year.
For health insurance, commissions would be capped at 15% in the first year and 5% on renewals, compared to fees over-30% currently charged by distributors. In life insurance, commissions for banks and brokers could stand at 5% to 20% of the first-year premium, compared to more-than-40% currently.
The IRDAI's proposal also says that third-party insurance on new vehicles would carry no commissions compared to current rates of around 25% to 50% in the motor insurance segment. The regulator has set an October 25 deadline for feedback.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Ujjaini Dutta
BENGALURU, Sept 29 (Reuters Breakingviews) - Making something cheaper is usually a decent starting point to boost demand. Less than one year after opening up the market to 100% foreign investment, India's insurance regulator has proposed unexpectedly sweeping and severe cuts to commission rates agents and distributors, including banks, can charge. That may improve the industry’s health but the bigger challenge is convincing Indians they need insurance.
Reform is needed. In a two-part consultation paper published last week, the Insurance Regulatory and Development Authority of India laid out plans to reverse its earlier move to scrap commission caps. Since that 2023 decision, distributor remuneration has outpaced premium growth by around four times, and expense ratios have risen to levels seen a decade ago. Insurance penetration, meanwhile, remains stuck at a measly 3.8% of GDP.
The new proposals are complex but in essence they would cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's first year. For example, in health insurance, commissions would be capped at 15% of first-year premiums and 5% on renewals, compared to the current over-30% fee. Similarly, for life insurance, brokers and banks can earn up to 20%, half the current rate.
Distributors will suffer: shares of PB Fintech PBFI.NS - an online insurance marketplace and the poster child of distribution - shed nearly 40%, equivalent to $3.5 billion of market value. At L&T Finance LTFL.NS, the drop was 9%. The non-bank relies on insurance commissions for 26% of its annual pre-tax profit. Yet an up to 7% drop in the shares of insurers including HDFC Life HDFL.NS, ICICI Life ICIR.NS, Canara HSBC Life CANR.NS and Max Financial Services MAXI.NS, for whom commission is a cost, implies premiums will also suffer to a lesser extent.
There is clear room for the regulator to tweak its proposals based on feedback. PB Fintech, for example, is a champion of financial literacy and supporting customers to make informed decisions; analysts at Kotak argue that the company could push IRDAI to include incentives benchmarked to quality parameters.
If affordability is a big barrier to stronger uptake, IRDAI's proposals should help. But many Indians still look to insurance for savings rather than protection. That means it competes with the growing popularity of mutual funds and the stock market as a place to park household wealth. That may also explain why the number of individual life policies have stagnated over the last decade despite rising incomes.
Follow Ujjaini Dutta on LinkedIn and X.
CONTEXT NEWS
India's insurance regulator on September 23 proposed a sweeping overhaul of commission rules in a two-part consultation paper titled ‘Recalibrating Economics of Insurance Distribution’.
Proposals released by the Insurance Regulatory and Development Authority of India would cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's first year.
For health insurance, commissions would be capped at 15% in the first year and 5% on renewals, compared to fees over-30% currently charged by distributors. In life insurance, commissions for banks and brokers could stand at 5% to 20% of the first-year premium, compared to more-than-40% currently.
The IRDAI's proposal also says that third-party insurance on new vehicles would carry no commissions compared to current rates of around 25% to 50% in the motor insurance segment. The regulator has set an October 25 deadline for feedback.
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))
** Non-bank lenders Bajaj Finance BJFN.NS and L&T Finance LTFL.NS rise as much as 3.2% and 2.6%
** BJFN leads financials .NIFTYFIN, which is up 0.6%
** UBS hikes BJFN rating to "neutral" from "sell", PT to 1,100 rupees from 910 rupees
** LTFL upgraded to "buy" from "neutral"; PT raised to 380 rupees from 350 rupees
** Expects cyclical earnings upgrades on yield-accretive growth and strong asset quality, while flagging demanding valuations
** Projects LTFL to post faster personal loan growth and improvement in return-on-assets to 3%
** 34 analysts rate BJFN "buy" on avg, median PT at 1,230 rupees - LSEG-compiled data
** 19 analysts rate LTFL "buy" on avg, median PT at 370 rupees - LSEG-compiled data
** YTD, BJFN up 5% vs LTFL 1.7% decline vs .NIFTYFIN's 7.4% fall
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Non-bank lenders Bajaj Finance BJFN.NS and L&T Finance LTFL.NS rise as much as 3.2% and 2.6%
** BJFN leads financials .NIFTYFIN, which is up 0.6%
** UBS hikes BJFN rating to "neutral" from "sell", PT to 1,100 rupees from 910 rupees
** LTFL upgraded to "buy" from "neutral"; PT raised to 380 rupees from 350 rupees
** Expects cyclical earnings upgrades on yield-accretive growth and strong asset quality, while flagging demanding valuations
** Projects LTFL to post faster personal loan growth and improvement in return-on-assets to 3%
** 34 analysts rate BJFN "buy" on avg, median PT at 1,230 rupees - LSEG-compiled data
** 19 analysts rate LTFL "buy" on avg, median PT at 370 rupees - LSEG-compiled data
** YTD, BJFN up 5% vs LTFL 1.7% decline vs .NIFTYFIN's 7.4% fall
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
MUMBAI, Sept 1 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 5 billion rupees ($52.66 million)for the reissue of 7.8384% September 2029 bonds, three bankers said on Tuesday.
It will offer a yield of 7.80% on this issue and had invited bids earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 1:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance Sept 2029 Reissue | 3 years | 7.80 (yield) | 5 | September 1 | AAA (Crisil, Care) |
SIDBI | 3 year and 1 month | 7.70 | 58.89 | September 1 | AAA (Care, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 94.9500 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, Sept 1 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 5 billion rupees ($52.66 million)for the reissue of 7.8384% September 2029 bonds, three bankers said on Tuesday.
It will offer a yield of 7.80% on this issue and had invited bids earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 1:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance Sept 2029 Reissue | 3 years | 7.80 (yield) | 5 | September 1 | AAA (Crisil, Care) |
SIDBI | 3 year and 1 month | 7.70 | 58.89 | September 1 | AAA (Care, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 94.9500 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, Aug 18 (Reuters) - India's L&T Finance LTFL.NS plans to raise up to 9 billion rupees ($94.07 million), including a greenshoe option of 7.5 billion rupees, through the reissue of 7.7942% August 2031 bonds, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance 2031 Reissue | 5 years | To be decided | 1.5+7.5 | August 19 | AAA (Crisil,Care) |
IndiGrid InvIT | 5 years | 7.44 | 3.5 | August 19 | AAA(Crisil, Icra) |
IndiGrid InvIT | 10 years | 7.44 | 7.5 | August 19 | AAA(Crisil, Icra) |
Tata Capital Housing Finance | 5 years | 7.83 | 10+10 | August 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 5 years | To be decided | 7.5+12.5 | August 19 | AAA (Crisil, India Ratings) |
Bajaj Finance April 2036 reissue | 9 years and 8 months | 7.97 (yield) | 5 | August 17 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 95.6725 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia)
MUMBAI, Aug 18 (Reuters) - India's L&T Finance LTFL.NS plans to raise up to 9 billion rupees ($94.07 million), including a greenshoe option of 7.5 billion rupees, through the reissue of 7.7942% August 2031 bonds, three bankers said on Tuesday.
It has invited coupon and commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance 2031 Reissue | 5 years | To be decided | 1.5+7.5 | August 19 | AAA (Crisil,Care) |
IndiGrid InvIT | 5 years | 7.44 | 3.5 | August 19 | AAA(Crisil, Icra) |
IndiGrid InvIT | 10 years | 7.44 | 7.5 | August 19 | AAA(Crisil, Icra) |
Tata Capital Housing Finance | 5 years | 7.83 | 10+10 | August 19 | AAA (Crisil, Icra) |
Bajaj Housing Finance | 5 years | To be decided | 7.5+12.5 | August 19 | AAA (Crisil, India Ratings) |
Bajaj Finance April 2036 reissue | 9 years and 8 months | 7.97 (yield) | 5 | August 17 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 95.6725 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia)
** Shares of L&T Finance LTFL.NS up 3.5% at 332.6 rupees
** Non-bank lender's June-quarter consol net profit rises 28.7% to 9.02 billion rupees ($94.19 million)
** June-quarter consol total rev from ops up 22.4% at 22.4 billion rupees
** JM Financial ("Add"; PT: 305 rupees) says co's asset quality and borrower leverage trends continued to improve in the quarter
** Stock rated "Buy" on average by 19 analysts; median PT at 335 rupees
** YTD, stock up 4.8%
($1 = 95.7675 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of L&T Finance LTFL.NS up 3.5% at 332.6 rupees
** Non-bank lender's June-quarter consol net profit rises 28.7% to 9.02 billion rupees ($94.19 million)
** June-quarter consol total rev from ops up 22.4% at 22.4 billion rupees
** JM Financial ("Add"; PT: 305 rupees) says co's asset quality and borrower leverage trends continued to improve in the quarter
** Stock rated "Buy" on average by 19 analysts; median PT at 335 rupees
** YTD, stock up 4.8%
($1 = 95.7675 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
July 10 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE JUNE-QUARTER CONSOL NET PROFIT 9.02 BILLION RUPEES
L&T FINANCE JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 52.13 BILLION RUPEES
Source text: [ID:]
Further company coverage: LTFL.NS
(([email protected];))
July 10 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE JUNE-QUARTER CONSOL NET PROFIT 9.02 BILLION RUPEES
L&T FINANCE JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 52.13 BILLION RUPEES
Source text: [ID:]
Further company coverage: LTFL.NS
(([email protected];))
MUMBAI, July 6 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth an aggregate of 10 billion rupees ($104.83 million) for the reissue of the 7.7942% June 2031 bond and a fresh issue of the three-year and three-month tenor, three bankers said on Monday.
The non-banking financial company will offer a yield of 7.98% on the reissue and a coupon of 7.85% on the fresh issue, and had invited bids for both earlier in the day.
It did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance June 2031 reissue | 5 years | 7.98 (yield) | 5 | July 6 | AAA (Crisil, Care) |
L&T Finance | 3 years and 3 months | 7.85 | 5 | July 6 | AAA (Crisil, Care) |
Jio Credit | 3 years | 7.78 | 10 | July 6 | AAA (Crisil, Care) |
Bajaj Housing Finance | 3 years and 3 months | 7.53 | 15 | July 6 | AAA (Crisil) |
Tata Capital June 2027 reissue | 2 years and 11 months | 7.78 (yield) | 7.50+2.50 | July 6 | AAA (Crisil, Icra |
Tata Capital | 5 years | 7.88 | 17.50+10 | July 6 | AAA (Crisil, Icra |
*Size includes base plus greenshoe for some issues
($1 = 95.3950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, July 6 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth an aggregate of 10 billion rupees ($104.83 million) for the reissue of the 7.7942% June 2031 bond and a fresh issue of the three-year and three-month tenor, three bankers said on Monday.
The non-banking financial company will offer a yield of 7.98% on the reissue and a coupon of 7.85% on the fresh issue, and had invited bids for both earlier in the day.
It did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance June 2031 reissue | 5 years | 7.98 (yield) | 5 | July 6 | AAA (Crisil, Care) |
L&T Finance | 3 years and 3 months | 7.85 | 5 | July 6 | AAA (Crisil, Care) |
Jio Credit | 3 years | 7.78 | 10 | July 6 | AAA (Crisil, Care) |
Bajaj Housing Finance | 3 years and 3 months | 7.53 | 15 | July 6 | AAA (Crisil) |
Tata Capital June 2027 reissue | 2 years and 11 months | 7.78 (yield) | 7.50+2.50 | July 6 | AAA (Crisil, Icra |
Tata Capital | 5 years | 7.88 | 17.50+10 | July 6 | AAA (Crisil, Icra |
*Size includes base plus greenshoe for some issues
($1 = 95.3950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
July 3 (Reuters) - L&T Finance Ltd LTFL.NS:
LT FINANCE - Q1 RETAIL DISBURSEMENTS UP 36% YOY
Further company coverage: LTFL.NS
(([email protected];))
July 3 (Reuters) - L&T Finance Ltd LTFL.NS:
LT FINANCE - Q1 RETAIL DISBURSEMENTS UP 36% YOY
Further company coverage: LTFL.NS
(([email protected];))
MUMBAI, June 15 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 15 billion rupees ($158.42 million) for bonds maturing in three years, three bankers said on Monday.
It will pay a coupon of 7.95% and had invited bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 15:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 8.12 | 15 | June 12 | AAA (Crisil, Care) |
Sundaram Finance | 3 years and 2 months | 7.95 | 12.60 | June 12 | AAA (Crisil) |
LIC Housing | 5 years | 7.59 | 11.50 | June 12 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 94.6850 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, June 15 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 15 billion rupees ($158.42 million) for bonds maturing in three years, three bankers said on Monday.
It will pay a coupon of 7.95% and had invited bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 15:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 8.12 | 15 | June 12 | AAA (Crisil, Care) |
Sundaram Finance | 3 years and 2 months | 7.95 | 12.60 | June 12 | AAA (Crisil) |
LIC Housing | 5 years | 7.59 | 11.50 | June 12 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 94.6850 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, June 11 (Reuters) - India's L&T Finance LTFL.NS plans to raise up to 15 billion rupees ($156.67 million), including a greenshoe option of 2.5 billion rupees, through a sale of bonds maturing in three years, three bankers said on Thursday.
It will pay a coupon of 8.12% and has invited commitment bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 8.12 | 12.50+2.50 | June 12 | AAA (Crisil, Care) |
Tata Capital Housing | 5 years | 8.15 | 11.25 | June 11 | AAA (Crisil, Icra) |
Tata Capital | 3 years | 8.15 | 20.30 | June 11 | AAA (Crisil, Icra) |
NaBFID | 3 years and 1 month | To be decided | 5+25 | June 12 | AAA (Crisil, Icra) |
NaBFID | 10 years | To be decided | 5+25 | June 12 | AAA (Crisil, Icra) |
Axis Finance | 2 years and 7 months | 7.70 | 8 | June 10 | AAA (India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 95.7450 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)
MUMBAI, June 11 (Reuters) - India's L&T Finance LTFL.NS plans to raise up to 15 billion rupees ($156.67 million), including a greenshoe option of 2.5 billion rupees, through a sale of bonds maturing in three years, three bankers said on Thursday.
It will pay a coupon of 8.12% and has invited commitment bids for the issue on Friday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 8.12 | 12.50+2.50 | June 12 | AAA (Crisil, Care) |
Tata Capital Housing | 5 years | 8.15 | 11.25 | June 11 | AAA (Crisil, Icra) |
Tata Capital | 3 years | 8.15 | 20.30 | June 11 | AAA (Crisil, Icra) |
NaBFID | 3 years and 1 month | To be decided | 5+25 | June 12 | AAA (Crisil, Icra) |
NaBFID | 10 years | To be decided | 5+25 | June 12 | AAA (Crisil, Icra) |
Axis Finance | 2 years and 7 months | 7.70 | 8 | June 10 | AAA (India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 95.7450 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)
April 24 (Reuters) - L&T Finance Ltd LTFL.NS:
Q4 CONSOL NET PROFIT 8.07 BILLION RUPEES
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 47.71 BILLION RUPEES
DIVIDEND 2.75 RUPEES PER SHARE
APPROVES ENTRY INTO PRE-PAID INSTRUMENTS BUSINESS AND THIRD-PARTY APPLICATION PROVIDER
APPROVES ISSUANCE OF PREFERENCE SHARES UP TO 60.12 BLN RUPEES IN FY2026-27
APPROVED RAISING OF FUNDS BY ISSUANCE OF NON-CONVERTIBLE DEBENTURES IN TRANCHES
Source text: ID:nnAZN4SSM8J
Further company coverage: LTFL.NS
(([email protected];;))
April 24 (Reuters) - L&T Finance Ltd LTFL.NS:
Q4 CONSOL NET PROFIT 8.07 BILLION RUPEES
Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 47.71 BILLION RUPEES
DIVIDEND 2.75 RUPEES PER SHARE
APPROVES ENTRY INTO PRE-PAID INSTRUMENTS BUSINESS AND THIRD-PARTY APPLICATION PROVIDER
APPROVES ISSUANCE OF PREFERENCE SHARES UP TO 60.12 BLN RUPEES IN FY2026-27
APPROVED RAISING OF FUNDS BY ISSUANCE OF NON-CONVERTIBLE DEBENTURES IN TRANCHES
Source text: ID:nnAZN4SSM8J
Further company coverage: LTFL.NS
(([email protected];;))
MUMBAI, April 21 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 5 billion rupees ($53.6 million) for bonds maturing in five years and two months, three bankers said on Tuesday.
It will pay an annual coupon of 7.7942% and had invited bids for the issue on Monday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 5 years and 2 months | 7.7942 | 5 | April 20 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 93.3275 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, April 21 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 5 billion rupees ($53.6 million) for bonds maturing in five years and two months, three bankers said on Tuesday.
It will pay an annual coupon of 7.7942% and had invited bids for the issue on Monday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 5 years and 2 months | 7.7942 | 5 | April 20 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 93.3275 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, April 20 (Reuters) - India's L&T Finance LTFL.NS is set to raise up to 5 billion rupees ($53.86 million), including a greenshoe option of 3.5 billion rupees, through the sale of bonds maturing in five years and two months, three bankers said on Monday.
It has invited coupon and commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 5 years and 2 months | To be decided | 1.5+3.5 | April 20 | AAA(Crisil, Care) |
Nabard Jul 2029 reissue | 3 years and 3 months | To be decided | 20+50 | April 21 | AAA (Icra, Crisil) |
Manappuram Finance | 3 years | 8.60 | 5.25 | April 17 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 92.8375 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, April 20 (Reuters) - India's L&T Finance LTFL.NS is set to raise up to 5 billion rupees ($53.86 million), including a greenshoe option of 3.5 billion rupees, through the sale of bonds maturing in five years and two months, three bankers said on Monday.
It has invited coupon and commitment bids for the issue later in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 5 years and 2 months | To be decided | 1.5+3.5 | April 20 | AAA(Crisil, Care) |
Nabard Jul 2029 reissue | 3 years and 3 months | To be decided | 20+50 | April 21 | AAA (Icra, Crisil) |
Manappuram Finance | 3 years | 8.60 | 5.25 | April 17 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 92.8375 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
** Shares of L&T Finance LTFL.NS rise as much as 3.9% to 249.8 rupees
** Co reports retail disbursements for March-qtr at 240.8 bln rupees ($2.59 bln), up 62% y/y
** Adds, retail loan book as at March 31 grew 26% y/y
** Analysts' mean rating on stock is 'buy'; median PT is 325 rupees - data compiled by LSEG
** LTFL last up 2.9%, cutting YTD losses to 23.9%
($1 = 92.8350 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
** Shares of L&T Finance LTFL.NS rise as much as 3.9% to 249.8 rupees
** Co reports retail disbursements for March-qtr at 240.8 bln rupees ($2.59 bln), up 62% y/y
** Adds, retail loan book as at March 31 grew 26% y/y
** Analysts' mean rating on stock is 'buy'; median PT is 325 rupees - data compiled by LSEG
** LTFL last up 2.9%, cutting YTD losses to 23.9%
($1 = 92.8350 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
April 3 (Reuters) - L&T Finance Ltd LTFL.NS:
Q4 RETAIL DISBURSEMENTS UP 62% YOY
Source text: ID:nBSEbn0djD
Further company coverage: LTFL.NS
(([email protected];;))
April 3 (Reuters) - L&T Finance Ltd LTFL.NS:
Q4 RETAIL DISBURSEMENTS UP 62% YOY
Source text: ID:nBSEbn0djD
Further company coverage: LTFL.NS
(([email protected];;))
By Bharath Rajeswaran
Feb 11 (Reuters) - Global index provider MSCI added financial services firms Aditya Birla Capital ADTB.NS and L&T Finance LTFL.NS to its widely tracked Global Standard Index, while removing state-run Indian Railway Catering and Tourism Corporation (IRCTC) in a periodic reshuffle.
The changes, disclosed on Wednesday, will take effect on February 27.
MSCI indexes serve as globally recognised benchmarks tracked by large passive funds, implying that inclusions typically attract fresh capital inflows, while removals usually entail outflows.
Following the rejig, the number of Indian companies in the MSCI Global Standard Index will rise to 165 from 164. However, India's overall weight in the index will remain steady at 14.1%, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
Nuvama estimates that Aditya Birla Capital and L&T Finance could see passive inflows of approximately $257 million and $238 million, respectively. In contrast, IRCTC is expected to face outflows of about $141.6 million.
AU Small Finance Bank AUFI.NS, a retail-focused lender, is likely to receive around $172 million in inflows due to an increase in its index weight, according to Nuvama.
MSCI also made significant changes to its Small Cap Index, reducing the number of Indian constituents to 480 from 508. India's small-cap index .NIFSMCP100 has declined 7% since the start of 2025, underperforming broader benchmarks.
The reshuffle comes amid continued pressure on India's small-cap stocks, where concerns over stretched valuations and earnings sustainability have weighed on sentiment.
While L&T Finance graduated from the Small Cap Index to the Global Standard Index, 34 companies including Dilip Buildcon DIBL.NS, Zaggle Prepaid ZAGG.NS, Sterlite Technologies STTE.NS, and KNR Constructions KNRL.NS were removed.
On the other hand, seven Indian firms, including renewable energy player Premier Energies PEME.NS, depository services provider National Securities Depository NATS.BO, pharmaceutical company Emcure Pharma EMCU.NS and cement manufacturer JSW Cement JSWC.NS were added to the Small Cap Index.
MSCI adds two Indian firms to its global standard index in February rejig https://reut.rs/4tv4XTm
Major additions and deletions of Indian stocks in MSCI Small Cap index https://reut.rs/4tsVlbF
India's small-cap stocks underperform the benchmarks since the start of 2025 https://reut.rs/3O1i66D
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
Feb 11 (Reuters) - Global index provider MSCI added financial services firms Aditya Birla Capital ADTB.NS and L&T Finance LTFL.NS to its widely tracked Global Standard Index, while removing state-run Indian Railway Catering and Tourism Corporation (IRCTC) in a periodic reshuffle.
The changes, disclosed on Wednesday, will take effect on February 27.
MSCI indexes serve as globally recognised benchmarks tracked by large passive funds, implying that inclusions typically attract fresh capital inflows, while removals usually entail outflows.
Following the rejig, the number of Indian companies in the MSCI Global Standard Index will rise to 165 from 164. However, India's overall weight in the index will remain steady at 14.1%, according to Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
Nuvama estimates that Aditya Birla Capital and L&T Finance could see passive inflows of approximately $257 million and $238 million, respectively. In contrast, IRCTC is expected to face outflows of about $141.6 million.
AU Small Finance Bank AUFI.NS, a retail-focused lender, is likely to receive around $172 million in inflows due to an increase in its index weight, according to Nuvama.
MSCI also made significant changes to its Small Cap Index, reducing the number of Indian constituents to 480 from 508. India's small-cap index .NIFSMCP100 has declined 7% since the start of 2025, underperforming broader benchmarks.
The reshuffle comes amid continued pressure on India's small-cap stocks, where concerns over stretched valuations and earnings sustainability have weighed on sentiment.
While L&T Finance graduated from the Small Cap Index to the Global Standard Index, 34 companies including Dilip Buildcon DIBL.NS, Zaggle Prepaid ZAGG.NS, Sterlite Technologies STTE.NS, and KNR Constructions KNRL.NS were removed.
On the other hand, seven Indian firms, including renewable energy player Premier Energies PEME.NS, depository services provider National Securities Depository NATS.BO, pharmaceutical company Emcure Pharma EMCU.NS and cement manufacturer JSW Cement JSWC.NS were added to the Small Cap Index.
MSCI adds two Indian firms to its global standard index in February rejig https://reut.rs/4tv4XTm
Major additions and deletions of Indian stocks in MSCI Small Cap index https://reut.rs/4tsVlbF
India's small-cap stocks underperform the benchmarks since the start of 2025 https://reut.rs/3O1i66D
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar)
(([email protected]; +91 9769003463;))
** In 2025, non-bank lender L&T Finance LTFL.NS set to be top pct gainer on Nifty mid-cap .NIFMDCP100 index
** YTD, LTFL soars 131% on back of strong earnings and supportive policies vs mid-cap index's 6% gain
** Miner Hindustan Copper HCPR.NS set to be top pct gainer on small-cap .NIFSMCP100 index
** YTD, HCPR surges 110% tracking record high copper prices on firm demand signals from China, supply concerns vs small-cap index's 6% drop
** Nifty 50 .NSEI gains 10.3% YTD
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** In 2025, non-bank lender L&T Finance LTFL.NS set to be top pct gainer on Nifty mid-cap .NIFMDCP100 index
** YTD, LTFL soars 131% on back of strong earnings and supportive policies vs mid-cap index's 6% gain
** Miner Hindustan Copper HCPR.NS set to be top pct gainer on small-cap .NIFSMCP100 index
** YTD, HCPR surges 110% tracking record high copper prices on firm demand signals from China, supply concerns vs small-cap index's 6% drop
** Nifty 50 .NSEI gains 10.3% YTD
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
Oct 15 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE Q2 CONSOL NET PROFIT 7.35 BILLION RUPEES
L&T FINANCE Q2 CONSOL TOTAL REVENUE FROM OPERATIONS 43.36 BILLION RUPEES
Source text: [ID:]
Further company coverage: LTFL.NS
Oct 15 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE Q2 CONSOL NET PROFIT 7.35 BILLION RUPEES
L&T FINANCE Q2 CONSOL TOTAL REVENUE FROM OPERATIONS 43.36 BILLION RUPEES
Source text: [ID:]
Further company coverage: LTFL.NS
MUMBAI, Oct 10 (Reuters) - India's L&T Finance accepts bids worth 10.5 billion rupees ($118.38 million) for the sale of bonds maturing in three years and one month, three bankers said on Friday.
It will pay a coupon of 7.2190% and had invited commitment bids for the issue on Thursday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on October 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years and 1 month | 7.2190 | 10.5 | October 9 | AAA (Crisil) |
Piramal Finance | 2 years | 8.75 | 25 | October 10 | Aa (Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.6950 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Eileen Soreng)
MUMBAI, Oct 10 (Reuters) - India's L&T Finance accepts bids worth 10.5 billion rupees ($118.38 million) for the sale of bonds maturing in three years and one month, three bankers said on Friday.
It will pay a coupon of 7.2190% and had invited commitment bids for the issue on Thursday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on October 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years and 1 month | 7.2190 | 10.5 | October 9 | AAA (Crisil) |
Piramal Finance | 2 years | 8.75 | 25 | October 10 | Aa (Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.6950 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Eileen Soreng)
Oct 8 (Reuters) - Tata Capital's TATC.NS $1.75 billion public share sale was fully subscribed on Wednesday, the final day of a three-day bidding process, as investors lined up for India's biggest offering this year amid a rush of new listings.
The Mumbai-based financial services company raised $523.2 million from anchor investors, including LIC and Norway's wealth fund last week, and is seeking a valuation of up to $15 billion.
The Tata Group company is India's third-largest non-bank lender in terms of revenue, trailing Shriram Finance SHMF.NS and Bajaj Finance BJFN.NS, which holds the top position.
The IPO comes at a bustling time for domestic listings, with the October-December quarter set to see $8 billion worth of fundraising, likely to be the second busiest on record.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)
(([email protected];))
Oct 8 (Reuters) - Tata Capital's TATC.NS $1.75 billion public share sale was fully subscribed on Wednesday, the final day of a three-day bidding process, as investors lined up for India's biggest offering this year amid a rush of new listings.
The Mumbai-based financial services company raised $523.2 million from anchor investors, including LIC and Norway's wealth fund last week, and is seeking a valuation of up to $15 billion.
The Tata Group company is India's third-largest non-bank lender in terms of revenue, trailing Shriram Finance SHMF.NS and Bajaj Finance BJFN.NS, which holds the top position.
The IPO comes at a bustling time for domestic listings, with the October-December quarter set to see $8 billion worth of fundraising, likely to be the second busiest on record.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)
(([email protected];))
MUMBAI, Aug 11 (Reuters) - India's L&T Finance plans to raise 10 billion rupees ($114.23 million), including a greenshoe option of 7.5 billion rupees, through the sale of bonds maturing in two years and seven months, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Tuesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years and 7 months | To be decided | 2.5+7.5 | August 12 | AAA (Crisil) |
Torrent Investments | 3 years | 7.90 | 7.50 | August 18 | AA+ (Crisil) |
Torrent Investments | 4 years | 7.96 | 7.50 | August 18 | AA+ (Crisil) |
Torrent Investments | 5 years | 8.03 | 10 | August 18 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.5400 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, Aug 11 (Reuters) - India's L&T Finance plans to raise 10 billion rupees ($114.23 million), including a greenshoe option of 7.5 billion rupees, through the sale of bonds maturing in two years and seven months, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Tuesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years and 7 months | To be decided | 2.5+7.5 | August 12 | AAA (Crisil) |
Torrent Investments | 3 years | 7.90 | 7.50 | August 18 | AA+ (Crisil) |
Torrent Investments | 4 years | 7.96 | 7.50 | August 18 | AA+ (Crisil) |
Torrent Investments | 5 years | 8.03 | 10 | August 18 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.5400 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
** India's L&T Finance LTFL.NS rises ~3.5% to 210.42 rupees, among top two mid-cap .NIFMDCP100 gainers
** The non-bank lender posts higher first-quarter profit, driven by lower cost of funds
** Asset quality largely stable despite it being a seasonally weak quarter, which is a key positive, says Motilal Oswal Financial Services
** Analysts and investors to closely watch for co's commentary in post-earnings call scheduled for later in the day
** On average, 17 analysts recommend "buy' rating on stock, median PT at 215 rupees, as per LSEG data
** YTD, LTFL up 55%
(Reporting by Vivek Kumar M)
(([email protected];))
** India's L&T Finance LTFL.NS rises ~3.5% to 210.42 rupees, among top two mid-cap .NIFMDCP100 gainers
** The non-bank lender posts higher first-quarter profit, driven by lower cost of funds
** Asset quality largely stable despite it being a seasonally weak quarter, which is a key positive, says Motilal Oswal Financial Services
** Analysts and investors to closely watch for co's commentary in post-earnings call scheduled for later in the day
** On average, 17 analysts recommend "buy' rating on stock, median PT at 215 rupees, as per LSEG data
** YTD, LTFL up 55%
(Reporting by Vivek Kumar M)
(([email protected];))
July 18 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE JUNE-QUARTER CONSOL NET PROFIT 7.01 BILLION RUPEES
L&T FINANCE LTD JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 42.60 BILLION RUPEES
Source text: ID:nBSE9Pkk5h
Further company coverage: LTFL.NS
(([email protected];))
July 18 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE JUNE-QUARTER CONSOL NET PROFIT 7.01 BILLION RUPEES
L&T FINANCE LTD JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 42.60 BILLION RUPEES
Source text: ID:nBSE9Pkk5h
Further company coverage: LTFL.NS
(([email protected];))
MUMBAI, July 14 (Reuters) - India's L&T Finance LTFL.NS accepted bids worth 10 billion rupees ($116.31 million) for bonds maturing in two years, three merchant bankers said on Monday.
The company will pay an annual coupon of 7.12% and invited bids from bankers and investors earlier in the day, the bankers said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years | 7.12 | 10 | July 14 | AAA (India Ratings, Crisil) |
Poonawalla Fincorp | 2 years and 2 months | 7.5285 | 7.8 | July 14 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 85.9750 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, July 14 (Reuters) - India's L&T Finance LTFL.NS accepted bids worth 10 billion rupees ($116.31 million) for bonds maturing in two years, three merchant bankers said on Monday.
The company will pay an annual coupon of 7.12% and invited bids from bankers and investors earlier in the day, the bankers said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years | 7.12 | 10 | July 14 | AAA (India Ratings, Crisil) |
Poonawalla Fincorp | 2 years and 2 months | 7.5285 | 7.8 | July 14 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 85.9750 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
MUMBAI, July 11 (Reuters) - India's L&T Finance LTFL.NS plans to raise 10 billion rupees ($116.6 million), which includes a greenshoe option of 5 billion rupees, through a sale of bonds maturing in two years, two merchant bankers said on Friday.
The company will pay an annual coupon of 7.12% and has invited bids from bankers and investors on Monday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years | 7.12 | 5+5 | July 14 | AAA (India Ratings, Crisil) |
Tata Capital | 2 years and 2 months | To be decided | 10+5 | July 14 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.7490 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, July 11 (Reuters) - India's L&T Finance LTFL.NS plans to raise 10 billion rupees ($116.6 million), which includes a greenshoe option of 5 billion rupees, through a sale of bonds maturing in two years, two merchant bankers said on Friday.
The company will pay an annual coupon of 7.12% and has invited bids from bankers and investors on Monday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 2 years | 7.12 | 5+5 | July 14 | AAA (India Ratings, Crisil) |
Tata Capital | 2 years and 2 months | To be decided | 10+5 | July 14 | AAA (Icra, Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.7490 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
** Shares of L&T Finance LTFL.NS rise nearly 3% to hit record high of 209.8 rupees; previous high 209.6 rupees
** Financial services provider reports new loans and total outstanding loans grew nearly 18% each in Q1
** Adds, portfolio retailisation, which makes investment funds more accessible to retail investors, estimated at about 98%, up from 95% a year earlier
** LTFL up 54% YTD
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of L&T Finance LTFL.NS rise nearly 3% to hit record high of 209.8 rupees; previous high 209.6 rupees
** Financial services provider reports new loans and total outstanding loans grew nearly 18% each in Q1
** Adds, portfolio retailisation, which makes investment funds more accessible to retail investors, estimated at about 98%, up from 95% a year earlier
** LTFL up 54% YTD
(Reporting by Rudra Pratap Singh in Bengaluru)
July 3 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE LTD - RETAIL DISBURSEMENTS ESTIMATED AT 175.10 BILLION RUPEES FOR Q1FY2025-26
L&T FINANCE LTD - RETAIL LOAN BOOK ESTIMATED AT 998 BILLION RUPEES FOR Q1FY2025-26
L&T FINANCE LTD - RETAILISATION OF PORTFOLIO ESTIMATED AT 98% FOR Q1FY2025-26
Source text: ID:nBSE58h0sd
Further company coverage: LTFL.NS
(([email protected];;))
July 3 (Reuters) - L&T Finance Ltd LTFL.NS:
L&T FINANCE LTD - RETAIL DISBURSEMENTS ESTIMATED AT 175.10 BILLION RUPEES FOR Q1FY2025-26
L&T FINANCE LTD - RETAIL LOAN BOOK ESTIMATED AT 998 BILLION RUPEES FOR Q1FY2025-26
L&T FINANCE LTD - RETAILISATION OF PORTFOLIO ESTIMATED AT 98% FOR Q1FY2025-26
Source text: ID:nBSE58h0sd
Further company coverage: LTFL.NS
(([email protected];;))
MUMBAI, June 24 (Reuters) - India's L&T Finance LTFL.NS plans to raise 5 billion rupees ($58.05 million), which includes a greenshoe option of 3.50 billion rupees, through sale of zero-coupon bonds maturing in three years and three months, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors on Wednesday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 year and 3 months | 7.20 (yield) | 1.50+3.50 | June 25 | AAA (India Ratings, Crisil |
*Size includes base plus greenshoe for some issues
($1 = 86.1310 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, June 24 (Reuters) - India's L&T Finance LTFL.NS plans to raise 5 billion rupees ($58.05 million), which includes a greenshoe option of 3.50 billion rupees, through sale of zero-coupon bonds maturing in three years and three months, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors on Wednesday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 year and 3 months | 7.20 (yield) | 1.50+3.50 | June 25 | AAA (India Ratings, Crisil |
*Size includes base plus greenshoe for some issues
($1 = 86.1310 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, June 11 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 17.55 billion rupees ($205.32 million) for three-year bonds and the reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors earlier in the day, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 7.23 | 9 | June 11 | AAA (India Ratings, Icra) |
L&T Finance June 2027 reissue | 2 years | 7.1495 (yield) | 8.55 | June 11 | AAA (India Ratings, Icra) |
Tata Capital Housing May 2030 reissue | 4 year and 11 months | 6.9003 (yield) | 4.50 | June 11 | AAA (Crisil) |
REC | 1 year and 10 months | 6.37 | 30 | June 11 | AAA (Crisil, Icra, Care) |
REC | 4 year and 7 months | 6.70 | 19.23 | June 11 | AAA (Crisil, Icra, Care) |
Bajaj Housing Finance | 2 years and 2 months | 6.90 | 10 | June 11 | AAA (Crisil) |
Bajaj Housing Finance | 5 years | 7.08 | 25 | June 11 | AAA (Crisil) |
Poonawalla Fincorp | 3 years and 3 months | 7.58% | 5 | June 11 | AAA (Crisil) |
NTPC | 10 years | To be decided | 7+33 | June 13 | AAA (Crisil, Icra, Care) |
Muthoot Finance May 2028 reissue | 3 years | 8.10 (yield) | 8.60 | June 10 | AA+ (Crisil, Icra) |
Muthoot Finance April 2030 reissue | 4 years and 11 months | 8.20 (yield) | 1.75 | June 10 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.4780 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, June 11 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 17.55 billion rupees ($205.32 million) for three-year bonds and the reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors earlier in the day, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 7.23 | 9 | June 11 | AAA (India Ratings, Icra) |
L&T Finance June 2027 reissue | 2 years | 7.1495 (yield) | 8.55 | June 11 | AAA (India Ratings, Icra) |
Tata Capital Housing May 2030 reissue | 4 year and 11 months | 6.9003 (yield) | 4.50 | June 11 | AAA (Crisil) |
REC | 1 year and 10 months | 6.37 | 30 | June 11 | AAA (Crisil, Icra, Care) |
REC | 4 year and 7 months | 6.70 | 19.23 | June 11 | AAA (Crisil, Icra, Care) |
Bajaj Housing Finance | 2 years and 2 months | 6.90 | 10 | June 11 | AAA (Crisil) |
Bajaj Housing Finance | 5 years | 7.08 | 25 | June 11 | AAA (Crisil) |
Poonawalla Fincorp | 3 years and 3 months | 7.58% | 5 | June 11 | AAA (Crisil) |
NTPC | 10 years | To be decided | 7+33 | June 13 | AAA (Crisil, Icra, Care) |
Muthoot Finance May 2028 reissue | 3 years | 8.10 (yield) | 8.60 | June 10 | AA+ (Crisil, Icra) |
Muthoot Finance April 2030 reissue | 4 years and 11 months | 8.20 (yield) | 1.75 | June 10 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.4780 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, June 10 (Reuters) - India's L&T Finance LTFL.NS plans to raise 18 billion rupees ($210.43 million), which includes 15 billion rupees of a greenshoe option, through sale three-year bonds and reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors on Wednesday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 7.23 | 1.50+7.50 | June 11 | AAA (India Ratings, Icra) |
L&T Finance June 2027 reissue | 2 years | To be decided | 1.50+7.50 | June 11 | AAA (India Ratings, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.5410 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
MUMBAI, June 10 (Reuters) - India's L&T Finance LTFL.NS plans to raise 18 billion rupees ($210.43 million), which includes 15 billion rupees of a greenshoe option, through sale three-year bonds and reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.
The company has invited bids from bankers and investors on Wednesday, they said.
L&T Finance did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
L&T Finance | 3 years | 7.23 | 1.50+7.50 | June 11 | AAA (India Ratings, Icra) |
L&T Finance June 2027 reissue | 2 years | To be decided | 1.50+7.50 | June 11 | AAA (India Ratings, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.5410 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
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What does L&T Finance do?
L&T Finance has established itself as one of the nation’s foremost NBFCs, playing a pivotal role in India’s financial ecosystem. The company has consistently demonstrated its commitment to empowering individuals and businesses, providing financial solutions that connect aspirations to opportunities, catering to diverse demographics, from unserved and underserved rural areas to urban centres.
Who are the competitors of L&T Finance?
L&T Finance major competitors are REC, SBI Cards & Payment, Sundaram Finance, Mah & Mah Finl. Serv, Poonawalla Fincorp, Indian Railway Fin., Manappuram Finance. Market Cap of L&T Finance is ₹66,418 Crs. While the median market cap of its peers are ₹48,876 Crs.
Is L&T Finance financially stable compared to its competitors?
L&T Finance seems to be less financially stable compared to its competitors. Altman Z score of L&T Finance is 0.61 and is ranked 6 out of its 8 competitors.
Does L&T Finance pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. L&T Finance latest dividend payout ratio is 23.1% and 3yr average dividend payout ratio is 25.29%
How strong is L&T Finance balance sheet?
The companies balance sheet of L&T Finance is weak, but was strong historically.
Is the profitablity of L&T Finance improving?
Yes, profit is increasing. The profit of L&T Finance is ₹3,198 Crs for TTM, ₹2,981 Crs for Mar 2026 and ₹2,644 Crs for Mar 2025.
Is L&T Finance stock expensive?
Yes, L&T Finance is expensive. Latest PE of L&T Finance is 20.87, while 3 year average PE is 18.73. Also latest Price to Book of L&T Finance is 2.37 while 3yr average is 1.74.
Has the share price of L&T Finance grown faster than its competition?
L&T Finance has given better returns compared to its competitors. L&T Finance has grown at ~28.65% over the last 5yrs while peers have grown at a median rate of 16.09%
Is the promoter bullish about L&T Finance?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in L&T Finance is 65.96% and last quarter promoter holding is 65.99%. Please check if dilutions happened via QIP/ Offerings etc.
Are mutual funds buying/selling L&T Finance?
The mutual fund holding of L&T Finance is increasing. The current mutual fund holding in L&T Finance is 11.56% while previous quarter holding is 11.54%.