Bajaj Finserv touched a hit new record by achieving an all-time high of Rs 16,808, with a roundup surge of 2 per cent on the BSE in the intra-day trade on Wednesday. It witnessed a 10 per cent increase compared to the last two trading days. This development arrives after the company said “It has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund.”
The stock was trading at much higher rates for the third consecutive day at 12 per cent. As per the assent from SEBI, the company is planning to establish an asset management company (AMC) and a trustee company, by its initiative through its subsidiary.
“Setting up of the AMC business will add value to Bajaj Finserv’s overall business. Since the company already has a strong distribution network and client base through its lending and insurance subsidiaries, we believe this presents a good opportunity for high growth,” ICICI Securities said in an official note.
However, in the last four months, the stock tremendously outperformed the market by etching a 69 per cent share against 17 per cent profit in the S&P BSE Sensex. A rapid intensification in the stock price has completed its market capitalisation to the Rs 3 trillion marks. With effect from 09:30 am, Bajaj Finserv’s market capitalisation resulted at Rs 2.64 trillion, as revealed by the BSE statistics.
