Bajaj Finance stock rises by more than 7% reaching a new high

Rise in the Sensex and Nifty saw Bajaj Finance stock reach a new high. The big cap stock reached an all-time high of Rs 6,115, up 7.78 percent from the previous closing of Rs 5,674.15 on the BSE. The share of Bajaj Finance is trading above its 5 day, 20 day, 50 day, 100 day, and 200 day moving averages. In one year, the stock has grown 148.88 percent, and it has grown 14.57 percent since the beginning of this year.

The company’s market capitalization increased to Rs 3.66 lakh crore. A total of 7.01 lakh shares were traded, resulting in a turnover of Rs 114.21 crore. On the BSE, the share closed 7.29 percent higher, or Rs 413.45, at Rs 6,087. Meanwhile, the Sensex was up 364 points at 52,305, and the Nifty was up 105 points at 15,740.

Bajaj Finance recorded a 42% increase in consolidated net profit in the fourth quarter of the previous fiscal year, at Rs 1,347 crore, compared to Rs 948 crore in the January-March period of the previous fiscal year 2019-20.

BFL’s consolidated results comprise the performance of its fully owned subsidiaries Bajaj Housing Finance Ltd (BHFL) and Bajaj Financial Securities Ltd. (BFinsec). According to Bajaj Finance, new loans booked in Q4 FY21 declined to 54.7 lakh (5.47 million) from 60.3 lakh (6.03 million) in the same quarter last year.

Net interest income fell 1% in Q4 to Rs 4,659 crore, down from Rs 4,684 crore in Q4 FY20. Total revenue declined 5% to Rs 6,855 crore in Q4 from Rs 7,231 crore the previous quarter.

Net profit for the fiscal year 2020-21 fell 16% to Rs 4,420 crore, compared to Rs 5,264 crore in 2019-20. However, total income for the year increased by 1% to Rs 26,683 crore from Rs 26,385 crore. New loans booked in FY21 declined 38% to 168.8 lakh (16.88 million) from 274.4 lakh (27.44 million) the previous year.

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