Bajaj Finserv Ltd. recovered from the two-month low it touched in the previous session. Despite reporting decent numbers for July–September, the stock declined in Tuesday's session as its sister company's share price plunged after guiding low asset under management growth and high credit cost.
Bajaj Finserv share price plunged 7.83% to Rs 1,952 apiece, the lowest level since Sept 3 on Tuesday.
Also Read: Bajaj Finance Remains Top Stock For Jefferies, CLSA Despite Growth Guidance Reduction — Here's Why
The company reported that its consolidated net profit advanced 7.5% on the year to Rs 2,244 crore versus Rs 2,087 crore. The non-banking financial company's total income increased 11% year on year to Rs 37,403 crore compared to Rs 33,704 crore.
Bajaj General Insurance Gross Direct Premium Underwritten at Rs 1,910 crore during October. Bajaj Life Insurance total premium was at Rs 1,135 crore in the previous month, the company reported through an exchange filing on Tuesday.
Bajaj Finserv is confident that they can manage lack of GST input credit in the coming months, its management said during the press conference post result release.
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Bajaj Finserv share price recovered from previous session's low of Rs 1,952 apiece. The share price rose 1.74% to Rs 2,024 apiece so far in Wednesday's session.
Bajaj Finserv share price was trading 0.69% higher at Rs 2,003.30 apiece as of 10:20 a.m., compared to 0.57% advance in the NSE Nifty 50 index.
The stock price advanced 18.37% in 12 months, and 28.05% on year to date basis. Total traded volume so far in the day stood at 0.99 times its 30-day average. The relative strength index was at 39.56.
Out of 15 analysts tracking the company, 10 maintain a 'buy' rating, three recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.8%.
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