Shriram Finance shares extend gains for 9th day as UK-based hedge fund offloads 14.7 lakh shares in block deal

On Friday, Marshall Wace Investment Strategies - Eureka Fund sold 14.69 lakh shares of Shriram Finance in a block deal on the NSE.

The transaction was executed at an average price of ₹2,684.30 per share. This aggregated into a total deal size of around ₹394 crore.

Data available on the NSE showed that BNP Paribas Financial Markets was the buyer of these shares.

On Tuesday, the Shriram Finance stock rose as much as 3.2% to hit its 52-week high of ₹ 2,819.95 apiece on the NSE. The stock has gained nearly 10.5% in the past five trading sessions and a whopping 88% in the past one year.

The deal was also executed just a day after Shriram Finance’s market capitalisation crossed ₹1 lakh crore on Thursday, June 13, following a 4% rally in its stock price.

The stock has seen an upswing in the past couple of months after it became a constituent of India’s benchmark equity index Nifty 50 on March 28, 2024. Since then, it has gained nearly 17% till date.

Shriram Finance had also reported strong financials for the March 2024 quarter. Net profit grew 48.7% to ₹1,946 crore compared with the year-ago period.

Its Net Interest Income (NII) rose 20% to ₹5,336.1 crore compared to the same period in the previous year.

The NBFC’s total assets under management grew 21.1% to ₹2.25 lakh crore as of March 31, 2024.

Shares of Shriram Finance were trading 1.59% higher at ₹2,775 apiece on the NSE at 12:00 pm.