Bajaj Finance hits new high on robust June quarter numbers

The stock hit a new high of Rs 1,578, up 4% on BSE in intra-day trade.

Bajaj Finance hit a new high of Rs 1,578, up 4% on BSE in intra-day trade, after the company reported a better than expected 42% year on year (YoY) jump in its standalone net profit at Rs 602 crore for the quarter ended June 2017 (Q1FY18). The company had profit of Rs 424 crore in the same quarter year ago.

The calculated net interest income (revenue from operations minus finance cost) grew 48% to Rs 2,072 crore against Rs 1,397 crore in the corresponding quarter of previous fiscal.

Analysts on an average had expected profit of Rs 557