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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture