Home Business Shriram Transport jumps 6% after T. Rowe Price hikes stake in company

Shriram Transport jumps 6% after T. Rowe Price hikes stake in company

by LiveMint
0 comment 42 views

MUMBAI: Shares of Shriram Transport Finance Company (STFC) rose 6.4% after US-based global investment management firm T Rowe Price raised its stake in the company to 5.36% from 4.77% earlier.

At 0130pm, Shriram Transport traded at 634.60, up 3.1% from its previous close, while the benchmark index was up 0.5% at 34,446.89.

On Friday, T. Rowe Price Associates bought 13.53 lakh equity shares or 0.59% stake in Shriram Transport Finance Company. The disclosure was made on Saturday.

Ajay Piramal-led Piramal Group owns 20% in Shriram Capital, which in turn holds 26.23% in STFC. Piramal also holds 10% in Shriram City Union Finance Ltd. Shriram Capital is an unlisted holding company, while Shriram City Union is a consumer lending business.

Last month, Mint had reported that STFC is looking to raise 3,000-4,000 crore via a qualified institutional placement or preferential allotment. It is also planning to raise up to 35,000 crore via bond issuances.

The NBFC’s consolidated net profit soared 38.2% year-on-year to 882.19 crore for the quarter ended 31 Decembe, while net sales rose 7.4% 4,286.04 crore.

Shriram Transport Finance, the flagship company of the Shriram group, has significant presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.

Subscribe to newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

This Shriram Transport jumps 6% after T. Rowe Price hikes stake in company was originally published on https://www.livemint.com/companies/news/shriram-transport-jumps-6-after-t-rowe-price-hikes-stake-in-company-11591606381368.html

Related Posts