Shares of L&T Finance Holdings, the non-bank arm of Larsen & Toubro gained for the second straight day, extending its gains in 2023 to nearly 40 percent. The stock has now gained in seven out of the last eight trading sessions. The stock is trading at the highest level since June 2019.

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Gains in today's session for L&T Finance have come on the back of heavy volumes, which are now triple of its 20-day average at this juncture.

Sources within the dealing rooms had told CNBC-TV18 last week that the street is anticipating some senior management changes to take place in the company soon.

The company on June 8 announced that its board has recommended a final dividend of Rs 2 per equity share for financial year 2023.

The dividend, if approved by the shareholders at the ensuing Annual General Meeting, will be credited within 30 days from the date of the AGM, the company stated.

L&T Finance Holding reported a 46 percent rise in consolidated net income to Rs 501 crore for the March quarter over the year-ago period, driven by better margins as its high-yielding retail book grew at a faster rate.

The stock is currently trading 2.5 percent higher at Rs 124.65 after making a high of Rs 126.90 in intraday trading. On the charts, the stock is trading in overbought territory with the Relative Strength Index (RSI) above the mark of 70. Any reading above the mark of 70 indicates that the stock is overbought.