Shriram Finance up 5% on Goldman Sachs upgrade; top contender for Nifty 50 in March review

Shriram Finance aims to be a multi-asset company, executive vice-chairman Umesh Revankar told Moneycontrol last month. “Over the next five years, we would like to grow the SME portfolio by expanding in regions other than the south, which has been significant so far,” he said

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Shriram Finance shares gained over 5 percent on January 11 after Goldman Sachs upgraded its rating on the stock to Buy from Neutral and raised earnings estimates.

The global firm has raised earnings estimates by 10 percent and 13 percent for FY25 and FY26, respectively. It has increased the target price by 43 percent to Rs 2,758 from Rs 1,926.

At 1o:30 am, Shriram Finance stock was quoting at Rs 2,250 on the NSE, up over 4.5 percent on heaving trading volumes. The stock is up 68 percent in the past one year.

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Shriram Finance aims to be a multi-asset company, executive vice-chairman Umesh Revankar told Moneycontrol last month. “Over the next five years, we would like to grow the SME portfolio by expanding in regions other than the south, which has been significant so far,” he said.

Shriram Finance Limited is a merged entity born through the amalgamation of Shriram City Union Finance Limited (SCUF) and Shriram Capital Limited (SCL) with Shriram Transport Finance Company Limited (STFC).

As a merged entity, Shriram Finance has positioned itself to capitalise on the diversified AUM mix; improved access to liabilities; and enhanced cross-selling opportunities, believe analysts.

Nifty 50 entry in March?

Strategists at Nuvama Research predict Shriram Finance may enter Nifty50 in March 2024, possibly replacing UPL. This change could bring a $217 million inflow to Shriram and a $114 million outflow from UPL.

The official list for the Nifty 50 rejig will be announced in late February 2024. The market capitalisation cutoff date for the same is January 31.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.