Shriram Transport Finance rises 2% on Nomura buy report

Written By Unknown on Kamis, 21 Maret 2013 | 15.45

Shares in Shriram Transport Finance Corporation gained 2 percent intraday on Thursday after the research house Nomura recommended a buy rating on the stock with a target price of Rs 840.

"Resilient used-commercial vehicle loan growth, pick-up in freight rates, and a strong rural push in the budget are incrementally positive for the stock," said the research report.

The stock moved up 0.63 percent to Rs 688.30 on Bombay Stock Exchange at 12:12 hours IST.

The share touched its 52-week high Rs 800.00 and 52-week low Rs 507.00 on 15 January, 2013 and 16 May, 2012, respectively. 

Currently, it is trading 13.96% below its 52-week high and 35.76% above its 52-week low.

Consolidated net profit of the company rose 19.4 percent year-on-year to Rs 375.49 crore and revenues jumped 16 percent YoY to Rs 1,796.16 crore in the quarter ended December 2012.



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