 "Bajaj Finance, housing finance cos dip up to 6% post Bajaj Housing listing")
Shares of Bajaj Finance, Bajaj Finserv, and housing finance companies (HFCs) dipped by up to 6 per cent on the BSE in Monday's intraday trade after the listing of Bajaj Housing Finance on the bourses today. These stocks had outperformed the market in the run-up to Bajaj Housing Finance's market debut.
LIC Housing Finance (down 6 per cent at Rs 678.10), PNB Housing Finance (6 per cent at Rs 1,071.60), Can Fin Homes (5 per cent at Rs 885.60), Bajaj Finance (4 per cent at Rs 7,322), Bajaj Finserv (3 per cent at Rs 1,838.25) and AAVAS Financiers (3 per cent at Rs 1,796.05) fell between 3 per cent and 6 per cent on the BSE in the intraday trade. In comparison, the BSE Sensex was up 0.04 per cent at 82,925.60 at 11:36 AM.
Bajaj Housing Finance shares made a bumper debut on the stock exchanges today with the shares getting listed at Rs 150 on the BSE. This was a 114.28 per cent premium over the IPO issue price of Rs 70. Currently, the stock of Bajaj Group's housing finance company is trading at Rs 162.49, 132 per cent higher over its issue price.
This successful debut is a testament to the company's strong fundamentals and the market's anticipation for its growth potential. Investors who were fortunate enough to secure allotments in the initial public offering (IPO) may consider booking profit now, but those who want to hold their positions may do so by potentially setting a stop loss at Rs 135 as a risk management strategy, said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Bajaj Housing Finance is a 100 per cent subsidiary of Bajaj Finance. Shares of Bajaj Finance slipped 4 per cent to Rs 7,322 on the BSE in the intraday trade today. In the past one month (till Friday), the stock has rallied 18 per cent. Shares of Bajaj Finserv, too, were down 4 per cent to Rs 1,838.25, after hitting a new high of Rs 1,920.85 in the intraday trade today.
Separately, shares of PNB Housing Finance tanked 6 per cent to Rs 1,071.60 today. The stock had hit a 52-week high of Rs 1,201.45 on Friday and has zoomed 50 per cent in the past one month. Shares of LIC Housing Finance, also, dipped 6 per cent to Rs 678.10 in the intraday trade today on the back of two fold jump in average trading volumes.