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Shriram Finance plans to raise funds via non-convertible debentures by private placement
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The company aims to raise funds between August 1 and October 31 for business purposes
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Shriram Finance reported a 6.3% year-on-year increase in net profit for Q1
Shriram Finance Ltd.'s share price advanced in Monday's session in contrast to most large-cap stocks on National Stock Exchange. The board of the company will consider raising funds via non-convertible debentures via private placement basis.
Shriram Finance intends to raise funds for the purpose of business of the company from Aug 1 to Oct 31, the company said in an exchange filing on Friday.
On Friday, Shriram Finance reported a 6.3% on the year increase in its net profit for the April–June period. Its net interest income advanced 10% on the year to Rs 5,773 crore in the first quarter from Rs 5,234 crore.
Shriram Finance share price rose 2.86% to Rs 633.45 apiece. The share price was trading 2.70% higher at Rs 632.23 apiece as of 9:57 a.m., as compared to 0.15% decline in the NSE Nifty 50 index.
The stock has snapped a two-day declining streak. Shriram Finance rose 7.30% in 12 months, and 9.32% on year-to-date basis. Total traded volume so far in the day stood at 4.4 times its 30-day average. The relative strength index was at 41.24.
Out of 41 analysts tracking the company, 35 maintain a 'buy' rating, four recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.7%.
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