Shares of Bajaj Finserv Ltd. rose more than 5% on Friday after the company reported higher profit and income for the quarter ended June. The stock opened 1.18% higher at Rs 1,932 and extended gains to trade at Rs 2,003.20 apiece.
Bajaj Finserv reported a consolidated net profit of Rs 3,132 crore for the quarter, up 12.3% from Rs 2,789 crore in the year-ago period. Total income rose 19.1% year-on-year to Rs 42,037 crore from Rs 35,300 crore.
The company said its assets under management stood at Rs 33,027 crore as of June 30. The board also approved raising up to Rs 55,000 crore through non-convertible debentures.
The company in its regulatory filing said that the Board has granted approval for pursuing re-insurance business through a subsidiary of the company to be incorporated, subject to approval of IRDAI and other authorities, as may be necessary.
Bajaj Finserv Q1 Results - Cons, YoY
- Net profit up 12.3% at Rs 3,132 crore vs Rs 2,789 crore YoY.
- Total income up 19.1% at Rs 42,037 crore vs Rs 35,300 crore YoY.
- Assets under management (AUM) stands at Rs 33,027 crore as of June 30.
- Approves raising up to Rs 55,000 crore via non-convertible debentures (NCDs).
ALSO READ: Bajaj Finserv Q1 Result: Profit Rises 12% YoY To Rs 3,132 Crore; Board Clears Reinsurance Entry
Bajaj Finserv Share Price Today
Bajaj Finserv Share Price Today
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The scrip rose as much as 5.58% to Rs 2016 apiece on Friday at 12:10 p.m. This compares to a 0.28% rise in the NSE Nifty 50 Index.
It has risen 2.98% in the last 12 months and has fallen 1.63% year-to-date. Total traded volume so far in the day stood at 1.26 times its 30-day average. The relative strength index was at 55.89.
Out of 16 analysts tracking the company, 12 maintain a 'buy' rating, two maintain a "hold", and two maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 2154.50 implies an upside of 7.5%
Track Q1 Results Live Updates Here
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