Shriram Finance shares rose up over 4%; snap four-day losing streak

Shriram Finance shares rose by 4.41% to hit a high of ₹2,860 per share on the NSE. More than 10 lakh shares of the company changed hands on the exchange.

Shares of the company had declined around 4% in the last four consecutive sessions since July 8.

Ending its slide, the stock rebounded on Friday amid gains in financial services shares. The NIFTY Financial Services Index gained around 0.5%, driven by gains in Axis Bank, Shriram Finance and Bajaj Finance.

Meanwhile, Shriram Finance in its Mobility Bulletin for July 2024 has mentioned that the market for used trucks remained strong in June despite challenges like heatwave, rising prices of trucks and delayed monsoon.

The company expressed hope that business activities will pick up following the revival in monsoon rains and the same government taking charge at the centre.

The slowdown in road transport was expected to be temporary, it stated.

Earlier in June, the company’s MD and CEO, YS Chakravarty, said that the Chennai-based NBFC was seeing stable growth in the rural financing sector.

He said its main rural finance segments—two-wheeler loans, gold loans, and small business loans—were performing well without any stress.

Shriram Finance Ltd shares had hit a 52-week high of ₹3,059.45 on June 26, 2024. The stock has retreated around 8% from the year-high levels since then.

The company reported a 49% jump in net profit to ₹1,946 crore for the March quarter of FY24, up ₹1,308 crore in the year-ago period and the street estimate of ₹1,925 crore for the quarter.

Its Net Interest Income (NII) was also higher at ₹5,336.1 crore in the March quarter against the street estimate of ₹5,135.3 crore.

Shriram Finance shares are trading 2.20% higher at ₹2,799 apiece on the NSE at 1:20 pm.