Sundaram Finance drops amid volatility

Sundaram Finance fell 2.48% to Rs 1,495 at 13:14 IST on BSE after the company said that its board approved the sale of the company's entire 49% shareholding of 36.48 lakh equity shares in BNP Paribas Sundaram Global Securities Operations.

The announcement was made during market hours today, 4 August 2015.

Meanwhile, the S&P BSE Sensex was down 254.40 points or 0.9% at 27,932.66.

On BSE, so far 7,339 shares were traded in the counter as against average daily volume of 3,172 shares in the past one quarter.

The stock was volatile. The stock fell as much as 4.43% at the day's low of Rs 1,465.25 so far during the day. The stock rose as much as 0.14% at the day's high of Rs 1,535.50 so far during the day. The stock had hit a record high of Rs 1,824.25 on 2 March 2015. The stock had hit a 52-week low of Rs 870 on 12 August 2014.

 

The stock had underperformed the market over the past one month till 3 August 2015, sliding 2.94% compared with Sensex's 0.34% rise. The scrip had also underperformed the market in past one quarter, advancing 4.25% as against Sensex's 4.35% rise.

The large-cap company has equity capital of Rs 111.10 crore. Face value per share is Rs 10.

Sundaram Finance's board of directors at its meeting held today, 4 August 2015, approved the sale of the company's entire 49% shareholding of 36.48 lakh equity shares of Rs 10 each in BNP Paribas Sundaram Global Securities Operations to BNP Paribas Securities Services for a total consideration of Rs 44.29 crore.

Sundaram Finance's net profit fell 19% to Rs 99 crore on 1.3% decline in total income to Rs 571.09 crore in Q1 June 2015 over Q1 June 2014.

Sundaram Finance's activities span savings products like deposits and mutual funds, car and commercial vehicle finance, insurance, home loans, software solutions, business process outsourcing, tyre finance, fleet cards, tractor finance and mutual funds R&T.

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