Shriram City hits record high on Piramal investment

Tags: Companies
Shares of Shriram City Union Finance Ltd rose as much as 5.7 percent to a record high after Piramal Enterprises Ltd agreed to take a 9.99 percent stake in the non-banking financial company.

Piramal's investment is aimed as a strategic involvement rather than a passive financial investor, boosting Shriram's outlook, said an analyst with a leading domestic brokerage.

Piramal has been buying shares in other companies belonging to the Shriram Group.

Last month, it agreed to buy a 20 percent stake in unlisted Shriram Capital for $334 million. Last year, Piramal bought a 9.9 percent stake in Shriram Transport Finance Co Ltd.

EDITORIAL OF THE DAY

  • Nothing short of a uniform civil code will work in India

    When the Jamiat-Ulama-I-Hind (JUH), a powerful body of muslim clerics dedicated to address the aspirations of the community, turns to quote the religi

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Tushar Gandhi

A democracy must stand up for its people

We are the world’s most populous dem­ocracy, but behave in ...

Purnendu Ghosh

A curious and an innovative mind

Curiosity is hard-wired into our psyche. We all recognise that ...

Shona Adhikari

A good time for European art auctions

This week, we bring you interesting art news and the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture