Shriram AMC zooms 73% in 3 days post appointment of Kartik Jain as MD & CEO
Shares of Shriram Asset Management Company (AMC) were locked in the 20 per cent upper circuit for a third straight day at Rs 174.20 on the BSE in Wednesday’s subdued market. In comparison, the S&P BSE Sensex was up marginally by 0.02 per cent at 60,126.
In the past three days, the stock of the asset management company has zoomed 73 per cent after its board approved the appointment of Kartik Jain as the company’s new Managing Director and Chief Executive Officer (MD and CEO) on Monday.
Shriram AMC is part of the Shriram Group, a financial conglomerate that manages assets worth more than Rs 2.25 trillion. In August 2022, the company rebooted its operations after a 23 per cent stake sale to US-based Mission1 Investments LLC.
The company said Jain’s appointment as MD and CEO will re-orient the brand’s customer strategy and enhance operational efficiency.
Prior to joining Shriram AMC, Jain headed product, platforms and digibank at DBS Bank India’s consumer business group in Mumbai. He also served as CMO at HDFC Bank and led marketing and eChannel at ICICI Lombard General Insurance. At KPMG, Jain advised clients in the UK and Europe on eBusiness strategy and process re-engineering.
Shriram Mutual Fund, part of the Shriram Group, is one of the leading players in lending for commercial vehicle, two-wheelers, small business and retail, life and general insurance, and various financial services solutions.
Currently, the stock is classified in the X category on the BSE. X group consists of all those stocks, which are only listed on BSE and settled on a trade-to-trade basis. The company has a total 6 million outstanding shares as of September 2022, shareholding pattern data shows.
The stock had hit a 52-week high of Rs 195 on September 13, 2022. Last week, on January 4, 2023, it had touched a 52-week low of Rs 93 on the BSE, exchange data shows. At the time of writing this report, around 11,000 shares had changed hands and there were pending buy orders for 81,918 shares on the BSE.
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