On June 19, Shriram Finance shares surged 6% in early morning trade after a large block deal occurred on the exchanges.

Around 99.2 lakh shares, or 2.65% of the company’s stake, changed hands on the exchanges in the block deal at Rs 1,401.15 per share. The total deal value was Rs 1,390 crore.

At 9:41 am, Shriram Finance’s shares were trading at Rs 1,472.90, up 5.1% on the NSE. The stock also recorded an intraday high of Rs 1,500.90.

The block deal also generated a volumes spurt as one crore shares changed hands on the exchanges versus the one-month daily traded average of 8 lakh shares.

In the January-March quarter, the company logged a combined net profit of Rs 1,288 crore, up 18% higher versus Rs 1,091 crore in the year-ago period. For FY23, the company’s profit came at Rs 6,020 crore, dazzling a steep surge of 122% against Rs 2,721 crore clocked in FY22.