India's Shriram Finance hits record high, Piramal sells stake

Piramal Enterprises

21/06/2023 05:26

** Shares of Shriram Finance  SHMF.NS  rise as much as 15%
to a record high of 1,793.55 rupees
    ** Stock marks sharpest intraday pct gain since Jan. 29,
2021; on track for a third consecutive session of gain, if
trends hold
    ** Piramal Enterprises  PIRA.NS  said it has sold its entire
direct investment of 8.34% in the fully paid-up share capital of
SHMF to third party investors
    ** Shares of PIRA rose as much as 14.73% to 962 rupees, mark
sharpest intraday pct gain since June 1, 2020
    ** Share price of SHMF above 50-day, 100-day and 200-day
simple moving averages, suggesting bullish trend
    ** SHMF's relative strength index above 70, indicating it is
overbought
    ** More than 3.7 mln shares change hands by 9:38 a.m. IST,
4.5x 30-day avg of 845,471 shares
    ** Avg rating of 29 analysts equivalent to "buy", median PT
is 1,590 rupees - Refinitiv data
    ** Stock up ~13.3% YTD, as of last close


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))