Private equity firm TPG Investments sold all its shares in Shriram Finance through its Indian arm, TPG India Investments, which amounted to 2.64% of the company. The sale reportedly earned the PE firm INR13.89bn ($185.84m). Shriram Finance, offering consumer services such as automobile, commercial vehicle, business and gold loans, is majority public-owned with 74.49% stake, the rest being owned by promoters, and has performed well this year.
Indian benchmarks ended higher on Wednesday, with BSE Sensex climbing 85 points to 63,228, and Nifty advancing 39 points to 18,755. Metals and oil and gas were top gainers, while Financial Services, banks, capital goods, and IT were laggards. Paytm rose 2%, Tata Consumer Products increased 5.17%, and Anupam Rasayan dropped 0.39%. Experts recommended buying Paytm and Tata Consumer and selling Anupam Rasayan. Paytm and Tata consumer are expected to continue their positive momentum, while Anupam Rasayan may further decline towards Rs 900.
With the rate pause, there will be some respite for large debt companies, growth stocks, small and mid-cap space companies, and specific sectors like consumer durables and real estate in the medium term