Bajaj Finance Shares Surge 7% on Impressive Q1 Business Update
Bajaj Finance surged 8% in the early trade on July 4th following the positive financial results for the quarter ending June 2023. The company's customer franchise reached 72.98 million by June 30th, compared to 60.30 million in the same period last year, showing a growth of 3.84 million customer franchise, the highest ever recorded in a single quarter.
In Q1 FY24, Bajaj Finance booked 9.94 million new loans, a 34% increase from 7.42 million in Q1 FY23. The company's deposit book rose by 46% to around ₹49,900 crore, up from ₹34,102 crore in June 2022. Assets under management (AUM) also experienced significant growth, reaching ₹2,70,050 crore in Q1 FY24, a 32% increase from ₹204,018 crore in the same period last year. Bajaj Finance maintained a surplus of ₹12,700 crore in available funds as of June 2023, while its AUM mix remained stable in Q1 FY24.
The board of directors of Bajaj Finance is scheduled to meet on July 26th to review and approve the unaudited financial results for Q1 FY24. Morgan Stanley, a brokerage firm, expressed optimism about the company's performance and maintained its positive rating on the stock. They raised the target price to ₹9,250 per share, considering Bajaj Finance's strong growth in assets, volume, and customer acquisition.
As of 03:00 Pm, Bajaj Finance's stock was trading at ₹7,866.35, reflecting a 7.24% increase on the Bombay Stock Exchange (BSE). The surge in the company's shares indicates the market's positive response to its strong financial performance and growth prospects.
Share Market Today
|Indices Name||Price||Price Change (% change)|
|S&P ASX 200||6943.40||-89.8 (-1.28%)|
|CAC 40||7037.26||-30.9 (-0.44%)|
|Dow Jones||33433.35||-74.15 (-0.22%)|
|FTSE 100||7509.36||-1.36 (-0.02%)|
|Hang Seng||17315.42||-507.16 (-2.85%)|
|US Tech 100||13312.77||88.45 (0.67%)|
|Nikkei 225||31237.94||-521.94 (-1.64%)|
|S&P 500||4288.39||0.34 (0.01%)|
|Gift Nifty||19580.00||-33.5 (-0.17%)|
|Shanghai Composite||3110.48||0 (0%)|
|Taiwan Weighted||16454.34||-102.97 (-0.62%)|
|US 30||33434.30||17.7 (0.05%)|
About the Author
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Our analysts at 5paisa scan through the financial markets and select the few trending stocks which were in the news and in the limelight for the day. Here is the list of a few trending stocks with their latest News and Updates.
- Oct 03, 2023