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Shriram Transport Finance shares surge 7 percent

By SiliconIndia   |   Thursday, December 31, 2009
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Bangalore: After having healthy trading throughout the day, Shriram Transport Finance ended the day among top gainers with a gain of 6.92 percent (Rs.31.40). Opening the stock at Rs.458, slightly higher to the previous close, the stock of the company managed to gain the investors' faith to the extent and reached close to 52-week high value in the afternoon trade. Overall, 72,914 shares were traded throughout the day with a current P/E ratio at 15.21. Shriram Transport Finance (STFC) is an India-based asset financing non-banking financial company. The company provides commercial vehicle finance to almost 600,000 customers across India. Its products include financing of pre-owned and new commercial and passenger vehicles, construction equipment, tractors, three wheelers and multi-utility vehicles. It also offers finance for working capital, engine replacement and tyre-loans. It also owns windmills and biomass, which generate income from sale of electricity. During the fiscal ended March 31, 2009, the company opened 49 branches across India. As on March 31, 2009, the company had 479 branches. In December 2009, it acquired GE Transportation Financial Services, part of General Electric's Indian operations. Other finance companies have ended the trading on mixed note. Magma Fincorp, Sakthi Finance, Arman Financial Services and Dhandapani Finance gained 2.44, 2.25, 4.98 and 3.86 percent respectively, whereas Housing Development Finance and Shriram City Union Finance slipped 0.06 and 0.51 percent respectively. Out of eight stock analysts currently following Shriram Transport Finance, consensus recommendation is buy. With 1,612,091 units of shares, IDFC Premier Equity Fund holds the largest number of shares in Shriram Transport Finance.
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