Shriram Transport Finance hits sixer at opening bell; heres why!
So, why is the stock buzzing after a period of lull? Let’s know the reason behind this.
The stock of Shriram Transport Finance Company Ltd jumped over 6 per cent on Friday. It is on the verge of crossing its previous swing high, which was registered on April 11, 2022. In the first 10 minutes of the trade, the stock had registered a volume of over 12 lakh, which is nearly half of the volume registered on Thursday.
So, why is the stock buzzing after a period of lull? Let’s know the reason behind this.
The company reported its earnings for the fourth quarter ended March 31, 2022. The net interest income for the fourth quarter ended March 31, 2022, surged 22.16 per cent to Rs 2,627.82 crore as against Rs 2,151.12 crore in the same period of the previous year. The profit after tax soared 43.87 per cent to Rs 1,086.13 crore as against Rs 754.93 crore recorded in the same period of the previous year. The earning per share (basic) for the fourth quarter ended March 31, 2022, climbed 31 per cent and stood at Rs 40.15 as against Rs 30.65 recorded in the same period of the previous year.
The total assets under management as of March 31, 2022, were Rs 1,27,040.86 crore as compared to Rs 1,17,242.83 crore as of March 31, 2021.
Technically, the stock will be back into the reckoning mode on any close above its biggest hurdle of Rs 1,240.