An NBFC Ltd. named Shriram Finance Limited has indicated that at the next board meeting, the business intends to distribute an interim dividend and split its stock. The unaudited standalone and consolidated financial results for the second quarter and half year that ended on September 30, 2024, will also be approved by Shriram Finance Limited.
The announcement by the firm that it will contemplate splitting its equity shares on October 25 caused shares of Shriram Finance Ltd. to rise as much as 6% from the day’s low on Friday, October 18. There is currently no set record date for the aforementioned business activity. In a regulatory filing today, Shriram Finance stated that this would require the consent of the company’s members.
At 02:35 pm on the NSE, the company’s shares surged 2.62 percent to Rs 3,344.05. The unaudited standalone and consolidated financial statements for the second quarter and half year that ended on September 30 will also be presented for approval by the board. According to the filing, the declaration of interim dividend for the financial year 2024–25 is also anticipated to be approved at the meeting.
Shriram Finance Stock Movement
The share of Shriram Finance Limited has increased from its opening price of Rs. 3,223.80 by 3.51%. At ₹3,334.70 during market hours, the stock had reached a high of ₹3,373.35 and a low of ₹3,145.30. As of October 18, 2024, the market capitalization is estimated to be ₹1,25,381.14 crore. Following the announcement of the consideration for the stock split, there was a bullish rise in the shares of Shriram Finance Limited.
Shriram Financials
For the quarter ending June 30, 2024, the NBFC reported a combined net profit of Rs 2,022.8 crore. Compared to the Rs 1,705 crore the company reported a year ago, it was up 19%. In the reported quarter, the company’s total income from operations was recorded at Rs 9,605 crore, representing an increase from Rs 8,003 crore in Q1FY24. It was 20% more than it was a year ago.
