Shriram Finance market capitalization surpasses ₹1 Lakh Crore

14 Jun 2024 , 02:13 PM

Shriram Finance Ltd., a new constituent of the Nifty 50 index, surged over 4% on Thursday, reaching an all-time high of ₹2,679. The company’s market capitalization has now surpassed ₹1 lakh crore.

Since joining the Nifty 50 on March 28, 2024, the stock has risen by 13% and has increased by 33% in 2024. At the time of writing on June 14, 2024 at 2:09 pm shares of Shriram Finance is trading at ₹2728 which is a 1.75% gain than the previous close.

Shares have been on a winning streak for seven consecutive days, climbing 18% and recovering losses from the June 4 trading session. Shriram Finance replaced UPL in the Nifty 50 index.

The company, which offers consumer finance services including commercial vehicle loans and gold loan services, saw a 4.96% sequential growth in its assets under management (AUM), reaching ₹2.25 lakh crore by the end of March 2024.

Shriram Finance’s net interest margin (NIM) exceeded 9% in the March quarter, up from 8.99% in the December quarter and 8.55% a year earlier. The company’s net profit grew by 20% to ₹7,190 crore in FY24. Shriram Finance is among 96 companies in India with a market capitalisation over ₹1 lakh crore.

Apart from Apollo Hospitals Enterprise, all Nifty 50 constituents are part of this elite group.

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/