Shriram City Union Finance has rallied 5% to 1,239 after reporting 20% year-on-year rise in consolidated net profit for the quarter ended March 31, 2014 at Rs 151 crore. The non-banking finance company (NBFC) had reported net profit of Rs 126 crore in the corresponding quarter of the previous fiscal.
Income from operations, however, decreased marginally 1.8% from Rs 841 crore to Rs 834 crore during the recently concluded quarter, Shriram City Union Finance said in a release.
The company also recommended a final dividend of Rs 6 per equity share.
Meanwhile, the company said its board approved to issue nearly 7 million shares to Piramal Enterprises for about Rs 790 crore.
Piramal Enterprises has agreed to acquire 6.58 million shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
This represents 9.99% of the post-diluted equity share capital, Shriram City Union Finance said in a regulatory filing.
The stock opened at Rs 1,210 and touched a record high of Rs 1,250 on the NSE. A combined around 5,000 shares changed hands on the counter so far on the NSE and BSE.
Income from operations, however, decreased marginally 1.8% from Rs 841 crore to Rs 834 crore during the recently concluded quarter, Shriram City Union Finance said in a release.
The company also recommended a final dividend of Rs 6 per equity share.
Meanwhile, the company said its board approved to issue nearly 7 million shares to Piramal Enterprises for about Rs 790 crore.
Piramal Enterprises has agreed to acquire 6.58 million shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.
This represents 9.99% of the post-diluted equity share capital, Shriram City Union Finance said in a regulatory filing.
The stock opened at Rs 1,210 and touched a record high of Rs 1,250 on the NSE. A combined around 5,000 shares changed hands on the counter so far on the NSE and BSE.
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