Shriram Finance shares inch higher after fund houses offload stock in bulk deals

Shriram Finance share price NSE: Shriram Finance shares inched higher in intraday trade on Thursday after fund houses offloaded shares in the non-banking financial company (NBFC) in bulk deals.

Shriram Finance share price NSE: Shriram Finance shares inched higher in intraday trade on Thursday. Image: Freepik/ Representational Image

Shriram Finance share price NSE, Shriram Finance share price target 2023: Shriram Finance shares inched higher in intraday trade on Thursday after fund houses offloaded shares in the non-banking financial company (NBFC) in bulk deals. Small Cap World Fund offloaded 20.26 lakh Shriram Finance shares, representing 0.54 per cent of the company’s equity, and New World Fund Inc offloaded 26.77 lakh shares (0.71 per cent stake) in bulk deals amounting to Rs 381 crore and 503.5 crore, respectively, according to bulk deals data available with the exchanges. Both deals took place at an average price of Rs 1,880.28 apiece, translating to a discount of 1.7 per cent to the previous close. At the end of the June quarter, New World Fund held a 1.95 stake in Shriram Finance, according to shareholding data. Shriram Finance shares finished up 0.34 per cent at Rs 1,899 apiece on NSE.

Shriram Finance share price target

Morgan Stanley continued with an ‘overweight’ rating on Shriram Finance with a target price of Rs 2,200, suggesting an upside of more than 16 per cent in the stock from Wednesday’s price.

Shriram Finance share price history: Past performance

As of September 6, Shriram Finance shares have rewarded investors with a return of more than 35 per cent in the past year, rising from Rs 1,365-odd levels to around Rs 1,890. That marks a sharp outperformance compared with an 11 per cent rise in the headline Nifty index during the period.

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