Bajaj Finserv, Bajaj Finance share price hits new life high for 2nd day in a row, former gains 25%, latter 15% in a month
The share price of Bajaj twins, Bajaj Finserv and Bajaj Finance hit a new life high to Rs 16807.6 and Rs 7052 per share for the second straight session. The stocks were up 2 and 1 percent respectively on the BSE on the intraday basis on Wednesday. Get more Markets News and Business News on The Street Press.
The share price of Bajaj twins — Bajaj Finserv and Bajaj Finance — hit a new life high to Rs 16807.6 and Rs 7052 per share for the second straight session. The stocks were up 2 and 1 percent respectively on the BSE on the intraday basis on Wednesday.
Bajaj Finserv has jumped around 25 percent in the last month, while Bajaj Finance share prices have grown almost 15 percent during the same period. So far in this week, the former has surged over 12 percent, while the latter jumped near 6 percent against a 1.6 percent rise in the S&P BSE Sensex.
Both the financial services stock ended as top gainers on Tuesday on the back of SEBI’s nod to Bajaj Finserv for setting up Asset Management Company (AMC). “The company has received an In-Principle approval from the Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a Mutual Fund”, Bajaj Finserv said in a filing to exchanges
"Accordingly, the Company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary, under applicable Sebi Regulations and other applicable laws," it further said in a filing.
The Board of Directors of Bajaj Finserv while announcing their June quarter results on July 21, 2021, had approved to invest Rs 342 crore in Bajaj Finserv Direct, (BFDL) a wholly-owned subsidiary of the company.
Bajaj Finserv, through its 100 percent subsidiary, BFDL, is creating a digital marketplace that offers a range of financial products including loans, insurance, mutual funds, investments, payments, and select e-commerce.
Bajaj Finserv holds stakes in Bajaj Allianz Life, Bajaj Allianz General Insurance (BAGIC), Bajaj Finance (BFL), and Bajaj Financial Solutions.
At around 10:19 am, Bajaj Finserv witnessed a profit-booking as stock slips around 1 percent on the BSE, while the same is with Bajaj Finance trading near flatline with a positive bias compared to life high market on Wednesday.