Bajaj Finserv shares hit a new high of Rs 15,875, up 4% from BSE in intraday trading on Tuesday, after the company said it received in-principle approval from the Securities and Exchange Board of India (Sebi) to sponsor a mutual fund. The action broke Monday’s high of Rs 15,416.05 hit in intraday trading.
“Accordingly, the Company would create an asset management company and the trust company, directly or indirectly, i.e. itself or through its subsidiary, in accordance with applicable Sebi regulations and other applicable laws, ”Bajaj Finserv said in an exchange brief. READ THE FILE HERE
Over the past three months, the stock has outperformed the market, surging 42% against a 10% gain for the S&P BSE Sensex. A sharp rise in the share price has propelled its market capitalization past 2.5 trillion rupees today.
Bajaj Finserv has stakes in Bajaj Allianz Life (sixth private insurer (BALIC), Bajaj Allianz General Insurance (BAGIC) (second general insurer), Bajaj Finance (BFL) and Bajaj Financial Solutions.
On July 21, 2021, the board of directors of Bajaj Finserv approved the investment of Rs 342 crore in Bajaj Finserv Direct (BFDL), a wholly owned subsidiary of the company. Bajaj Finserv, through its wholly-owned subsidiary, BFDL, is creating a digital marketplace that offers a range of financial products, including loans, insurance, mutual funds, investments, payments and a e-commerce selection. It was recognized, during the year, by Economic Times for the “Business Model Innovation”.