Bajaj Finserv surged 7.40% to Rs 16397.85 after the Securities and Exchange Board of India (SEBI) vide its letter dated 23 August 2021 granted the company an in-principle approval for sponsoring a mutual fund.
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.The scrip zoomed 8.66% to hit a record high of 16,590.15 in intraday today.
Bajaj Finserv (BFS) is the holding company for the various financial services businesses under the Bajaj group. BFS participates in the financing business through its 52.65% holding in Bajaj Finance (BFL) and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). Bajaj Housing Finance (BHFL), which does mortgage business and Bajaj Financial Securities (BFinsec), which does broking business, are wholly-owned subsidiaries of Bajaj Finance.
On a consolidated basis, BFS posted a 31.47% fall in net profit to Rs 832.77 crore on 1.7% decline in total income to Rs 13,949.45 crore in Q1 FY22 over Q1 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content