Bajaj FinServ has rallied 6% to Rs 579 after reporting more than two-fold rise in net profit to Rs 158 crore in the September quarter on the back of healthy growth in income from the insurance businesses. The company had reported a net profit of Rs 69 crore during the same quarter of previous fiscal.
Life insurance business has registered a 48% rise in profit to Rs 295 crore compared to Rs 199 crore reported a year earlier, the financial services arm of the Bajaj Group, said in a filing to the stock exchanges.
Meanwhile, total income grew 52% year-on-year to Rs 714 crore (Rs 471 crore), while the operating profit increased by around 96% to Rs 486 crore (Rs 248 crore) during the recently concluded quarter.
The stock opened at Rs 558 and hit a high of Rs 583 on the Bombay Stock Exchange. A combined around one million shares have changed hands on the counter in morning deals.
