On a 5-year basis the Shriram Finance stock has considerably been outperformed by the Nifty50 benchmark index. As the Shriram Finance stock has lost 15.33 percent of its value over the last 5 years. Whereas, the Nifty50 benchmark has given a return of 66.73 percent during the same duration.
Sensex and Nifty 50 climbed by around 1%. Smallcap stocks continued to outperformer broader indices. Meanwhile, Capital goods rallied the most, and IT stocks also recorded healthy buying ahead of major Q4 results.
On Monday, the company reported its highest-ever net profit of ₹150 crore in Q3FY23, an increase of 88% when compared to a net profit of ₹80 crore in Q3FY22. Following the strong performance, the stock rose 6.13% to ₹307.80 in Tuesday s trade.
Read more about Bull Spread Strategy on Bajaj Finance by Nandish Shah of HDFC Securities on Business Standard. The stock price of Bajaj Finance has broken out on the daily chart by surpassing the resistance level of 5800 with higher volumes