Shriram Finance shares drop 0.29% as Sensex falls

Shares of Shriram Finance Ltd. traded 0.29 per cent lower in Friday's session at 12:48PM (IST). The stock opened at Rs 1874.95 and has touched an intraday high and low of Rs 1879.35 and Rs 1839.15, respectively, during the session so far.

The stock quoted a 52-week high of Rs 1931.3 and a 52-week low of 1147.05. About 14,132 shares changed hands on the counter so far.

Benchmark Nifty50 was down 91.95 points at 19294.75, while the BSE Sensex traded 280.16 points lower at 64972.18 at the time of writing of this report.

In the Nifty pack, 11 stocks traded the day in the green, while 38 were in the red.


Key Financials
For the quarter ended 30-Jun-2023, the company reported consolidated sales of Rs 8292.53 crore, up 3.92 per cent from the previous quarter's Rs 7979.75 crore and up 61.04 per cent from the year-ago quarter. The company reported net profit of Rs 1705.24 crore for the latest quarter.

Promoter Holdings
Promoters held 25.48 per cent stake in the company as of 30-Jun-2023, while FIIs held 55.36 per cent and MFs 8.84 per cent.

Technicals
On the technical charts, the 200-Day Moving Average (DMA) of the stock stood at Rs 1425.93 on August 25, while the 50-DMA was at Rs 1770.25. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades well below 50-DMA and 200-DMA both, it is considered as bearish trend and if trades between these averages, then it suggests the stock can go either way.