LT Fin up 2.5% on talks to buy Morgan Stanley's wealth biz

Shares of L&T Finance Holdings gained as much as 2.5 percent in early trade on Monday on reports that the company is eyeing Morgan Stanley's wealth business.

According to Business Standard report, the company is in advanced stages of negotiations to buy Morgan Stanley's wealth management business in India.

"The proposed acquisition would help L&T Finance strengthen its foothold in the country's nascent wealth management industry, almost a year after it roped in Manoj Shenoy and 12 executives from Swiss private bank EFG, which shut shop in India last year," the report said.

At 10:23 hours IST, the stock rose 1.13 percent to Rs 89.40 on Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 15,342.72 crore.

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