 "Bajaj Finance hits fresh record high on strong Q1 results, 1:1 bonus")
Bajaj Finance has surged 4.5% to hit fresh record high of Rs 9,385 on the BSE, after the company reported a better than expected 54% year on year jump in net profit at Rs 424 crore for the quarter ended June 30, 2016 (Q1FY17). The company had profit of Rs 276 crore in the same quarter last fiscal.
Net interest income grew 45% to Rs 1,418 crore in June quarter against Rs 979 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected profit of Rs 373 crore and net interest income of Rs 1,251 crore for the quarter.
Bajaj Finance said the gross non-performing assets (NPA) and net NPA as of June 30, 2016 stood at 1.47% and 0.41% respectively. Gross NPA and Net NPA as of March 31, 2016 stood at 1.23% and 0.28% respectively.
Meanwhile, the board has approved sub-division of equity shares of face value of Rs 10 each into equity shares of face value of Rs 2 each.
The board also approved bonus issue in the ratio of 1:1, i.e. one fully paid bonus equity share of the face value of Rs 2 each for one equity share of the face value of Rs. 2 each (i.e. as adjusted for subdivision of shares), subject to approval of the shareholders.
At 11:55 AM, the stock was up 3.8% at Rs 9,320 on the BSE, as compared to 0.04% rise in the S&P BSE Sensex. A combined 381,757 shares already changed hands on the counter against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE.
Net interest income grew 45% to Rs 1,418 crore in June quarter against Rs 979 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected profit of Rs 373 crore and net interest income of Rs 1,251 crore for the quarter.
Bajaj Finance said the gross non-performing assets (NPA) and net NPA as of June 30, 2016 stood at 1.47% and 0.41% respectively. Gross NPA and Net NPA as of March 31, 2016 stood at 1.23% and 0.28% respectively.
Meanwhile, the board has approved sub-division of equity shares of face value of Rs 10 each into equity shares of face value of Rs 2 each.
The board also approved bonus issue in the ratio of 1:1, i.e. one fully paid bonus equity share of the face value of Rs 2 each for one equity share of the face value of Rs. 2 each (i.e. as adjusted for subdivision of shares), subject to approval of the shareholders.
At 11:55 AM, the stock was up 3.8% at Rs 9,320 on the BSE, as compared to 0.04% rise in the S&P BSE Sensex. A combined 381,757 shares already changed hands on the counter against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE.
