Bajaj Finserv jumped 4.55% to Rs 7091.1 at 12:05 IST on the BSE after net profit rose 2.4% to Rs 845.34 crore on 39.9% rise in total income to Rs 12,272.26 crore in Q1 June 2019 over Q1 June 2018.
The result was announced after market hours yesterday, 25 July 2019.
Meanwhile, the S&P BSE Sensex was up by 86.4 points or 0.23% to 37,900.21.
On the BSE, 36000 shares were traded in the counter so far compared with average daily volumes of 22000 shares in the past two weeks. The stock had hit a high of Rs 7130.85 and a low of Rs 6626.1 so far during the day. It hit a 52-week high of Rs 8577.05 on 5 July 2019 and a 52-week low of Rs 4960 on 24 October 2018.
During this quarter, the tight liquidity conditions witnessed in the aftermath of a default by IL&FS did not show signs of abatement and companies with stronger balance sheets were favoured by lending banks and investors. This quarter also witnessed default by Dewan Housing Finance Limited (DHFL), a housing finance company, on a part of its commercial paper dues. In this difficult environment, it is heartening to see BFL continue to deliver excellent results. While both Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) recorded strong growth in premiums, their profits were adversely impacted by provision for impairment on their holdings of DHFL's fixed income securities. BAGIC's underwriting result was also negatively impacted by losses from cyclone Fani which hit India's east coast in the quarter, the company said in a statement.
Bajaj Finserv (BFS) is the holding company for the various financial services businesses under the Bajaj group.
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