After hitting life highs on 2nd straight day Bajaj Finserv shares down 3% after investors book profit; Bajaj Finance shares down 0.4%
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 per cent respectively on the BSE on the intraday basis on Wednesday.
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 per cent respectively on the BSE on the intraday basis on Wednesday. However, both the financial stocks witnessed profit-booking after a rally on Tuesday.
At around 01:45 pm, Bajaj Finserv slipped over 3 per cent to Rs 15,950 per share , while Bajaj Finance was trading near the flatline with a negative bias, down 0.4 per cent to Rs 6,945 per share on the BSE as compared to life high market on Wednesday.
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Bajaj Finserv in the last one month has jumped around 25 per cent, while Bajaj Finance share prices have grown almost 15 per cent during the same period. So far in this week, the former has surged over 12 per cent, while the latter jumped near 6 per cent against a 1.6 per cent 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, in accordance with 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 per cent 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 01:32 pm, Bajaj Finserv witnessed a profit-booking as stock slips over per cent on the BSE, while the same is with Bajaj Finance trading near flatline with a negative bias, as compared to life high market on Wednesday.
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