Bajaj Finserv market cap nears Rs 3 trillion; stock zooms 228% in 1 year
Shares of Bajaj Finserv hit a new high of Rs 18,702 as they rallied 6 per cent on the BSE in Thursday’s intra-day trade on the back of heavy volumes. The holding company for the various financial services businesses of the Bajaj Group is set to join elite list companies that have a market capitalisation of Rs 3 trillion.
At 11:39 am, Bajaj Finserv was up 5.4 per cent at Rs 18,557, with a market cap of Rs 2.96 trillion, the BSE data shows. At the same time, the S&P BSE Sensex was up 1.07 per cent at 59,557 points.
In the past six months, the stock has nearly doubled or jumped 98 per cent as against a 19 per cent rise in the Sensex. In the last one year, it has zoomed 228 per cent, as compared to a 58 per cent surge in the benchmark index.
Bajaj Finserv is primarily engaged in the business of promoting financial services such as finance, insurance, wealth management, etc. through its investments in subsidiaries and joint ventures. The company is also engaged in the business of generating power through wind turbines, a renewable source of energy. Bajaj Finserv holds stakes in Bajaj Allianz Life (sixth-largest private insurer (BALIC), Bajaj Allianz General Insurance (BAGIC) (second-largest general insurer), Bajaj Finance (BFL) and Bajaj Financial Solutions.
Last month, Bajaj Finserv said it has received in-principle approval from the Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. "Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary, in accordance with applicable Sebi Regulations and other applicable laws," Bajaj Finserv had said in an exchange filing.
Bajaj Finserv remains a debt-free company. Its surplus funds (excluding group investments) stood at Rs 1,320 crore as on 30 June 2021 (Rs 1,060 crore as on 30 June 2020). The company’s consolidated book value per share at Rs 2,300 as on 30 June 2021 (Rs 2,071 as on 30 June 2020).