Shriram Finance market capitalisation crosses ₹1 lakh crore mark; stock jumps 4%

The stock price of Shriram Finance Ltd, the latest addition to the Nifty 50 index, surged over 4 per cent on Thursday to reach an all-time high of ₹2,679. This milestone pushed the company's overall market capitalisation past the ₹1 lakh crore mark.

The company surpassed Torrent Pharmaceuticals and Shree Cement in market capitalisation ranking.

Since becoming a Nifty 50 constituent on March 28, 2024, the stock has risen 13 per cent. Overall, the shares have gained 30 per cent in 2024. The stock is also on a seven-day winning streak, during which it has climbed 18 per cent, recovering all losses from the June 4 trading session.

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Shriram Finance had a total market capitalisation of ₹96,789.2 crore at the time of publishing this report, according to BSE.

Shriram Finance shares are currently trading 4.3 per cent higher at ₹2,680, making it one of the best-performing stocks on the Nifty since the decline observed on June 4, the day the Lok Sabha election results were declared.

The company reported consolidated sales of ₹9,918.3 crore for the quarter ending March 31, 2024, reflecting a 6.58 per cent increase from the previous quarter's ₹9,305.75 crore and a 24.29 per cent rise from the year-ago quarter's ₹7,979.75 crore.

The net profit for the latest quarter was ₹2,008.8 crore, marking a 56.3 per cent increase compared to the same quarter a year earlier.