Shriram Finance Hits Record High, Market Cap Surpasses ₹1 Lakh Crore

Shriram Finance Hits Record High, Market Cap Surpasses ₹1 Lakh Crore/Pixabay

VoM News Desk | June 13, 2024 | 05:02 PM IST | Breaking News | Follow on Google News

Shriram Finance Hits Record High, Market Cap Surpasses ₹1 Lakh Crore

Shriram Finance Hits Record High, Market Cap Surpasses ₹1 Lakh Crore

Key Highlights:

1. Shriram Finance Ltd. surged over 4% to a record high of ₹2,679.
2. Market capitalization crossed ₹1 lakh crore, surpassing Torrent Pharmaceuticals and Shree Cement.
3. Stock has gained 30% in 2024, with an 18% rise in the past seven days.

Shriram Finance Ltd., the newest addition to the Nifty 50 index, soared over 4% on Thursday, reaching an all-time high of ₹2,679. This significant milestone propelled the company’s market capitalization beyond the ₹1 lakh crore mark, surpassing Torrent Pharmaceuticals and Shree Cement in the market cap ranking.

Since joining the Nifty 50 on March 28, 2024, Shriram Finance’s stock has climbed 13%. The shares have gained a remarkable 30% in 2024, including an 18% rise over the past seven days, recovering all losses from the June 4 trading session.

At the time of reporting, Shriram Finance’s market capitalization stood at ₹96,789.2 crore, according to BSE. The shares were trading 4.3% higher at ₹2,680, making it one of the best-performing stocks on the Nifty since the decline observed on the Lok Sabha election result day.

For the quarter ending March 31, 2024, Shriram Finance reported consolidated sales of ₹9,918.3 crore, marking a 6.58% increase from the previous quarter’s ₹9,305.75 crore and a 24.29% rise from the year-ago quarter’s ₹7,979.75 crore. The net profit for the latest quarter was ₹2,008.8 crore, reflecting a substantial 56.3% increase compared to the same quarter a year earlier.

Overall, Shriram Finance’s strong performance in the stock market is underpinned by robust financial results and positive investor sentiment, positioning it as a standout performer in the Nifty 50 index.

VoM News Desk

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