Muthoot Finance is in the limelight today, up almost 2% currently at Rs.193, with an intra day high at Rs.196.75.

The stock is buzzing as it announced acquisition of a 30% stake in Asia Asset Finance PlC from Asia Capital PLC, a major shareholder, through Colombo Stock Exchange at a total value of around US$2.1 million. This company is listed in DiriSaviBoard of Colombo Stock Exchange, which is in lending business and offers retail finance, hire purchase and business loans.

The company is hopeful that this buy will help it build synergies in Sri Lanka, drawing on the expertise of Muthoot Finance in this field.