Shriram Finance shares have reached a record high after the company reported a net profit of Rs 1818.3 crore for the December 2023 quarter. The stock gained 6.18% to Rs 2448.85 on the back of this news. The market cap of Shriram Finance also rose to Rs 88,890 crore. Additionally, the stock has seen low volatility, with a beta of 0.4. The relative strength index (RSI) of the stock is at 65.8, indicating that it is trading in a stable zone. Shriram Finance shares are also trading higher than their moving averages.
During the December 2023 quarter, Shriram Finance’s net interest income (NII) increased by 17.1% to Rs 4,911 crore. The total assets under management at the end of the quarter also surged by 20.7% to Rs 214,233.47 crore. The board of Shriram Finance declared an interim dividend of Rs 10 per share.
Overall, Shriram Finance’s strong Q3 earnings and positive market performance have contributed to the stock reaching a record high.