Shriram Transport hits 52-week on strong Q2 nos; CLSA maintain sell
The company's Q2 net profit jumped 24 percent to Rs 479.1 crore against Rs 387.6 crore, in a year ago period. Revenue also gone up 9.8 percent at Rs 2,978.9 crore versus Rs 2,713.2 crore.
Moneycontrol News
Shares of Shriram Transport Finance Corporation touched 52-week high of Rs 1,298, adding 8.5 percent intraday Thursday on the back of strong Q2 (July-September) numbers.
The company's Q2 net profit jumped 24 percent to Rs 479.1 crore against Rs 387.6 crore, in a year ago period. Revenue also gone up 9.8 percent at Rs 2,978.9 crore versus Rs 2,713.2 crore.
CLSA has maintained sell with hiked price target to Rs 1,000 from Rs 950 on the back of potential pressure on AUM growth.
According to CLSA the uptick in AUM growth a positive, but stay cautious. Further, it raised earnings forecasts by 1-2 percent to factor in better topline.
It also believes that annulling of merger talks with IDFC Group is a positive.
The asset under management growth and net interest margin expansion aided topline growth, it added.
At 11:18 hrs Shriram Transport Finance Corporation was quoting at Rs 1,280, up Rs 82.85, or 6.92 percent on the BSE.
Posted by Rakesh Patil
