Shriram Asset Management Company (AMC) stocks hit a 10% upper circuit for the fifth straight day at Rs 210.85 in today’s trade. Shares of AMC hit a new 52-week high and surpassed the previous high of Rs 195.

Around 115,000 shares changed hands, compared with an average sub 40,000 shares traded in the previous weeks on the BSE.

The company’s stock price more than doubled to 109% after the board’s approval for the appointment of Kartik Jain as the company’s new MD and CEO on January 9, 2023. 

Shriram AMC is a part of the Shriram Group. This financial conglomerate manages assets worth more than Rs 2.25 trillion after the company recorded its sale in August 2022 at a 23% stake sale to the US-based Mission1 Investments LLC.

The Shriram Mutual Fund is lending for two-wheelers, commercial vehicles, retail, small business, various financial services solutions and life and general insurance.