OPEN APP
Home / Companies / News /  Shriram Transport jumps 6% after T. Rowe Price hikes stake in company

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

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. (Photo: Mint)Premium
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. (Photo: Mint)

  • 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

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 Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout