This article is more than 4 month old.

Bajaj Finance gains 2.6% as board mulls fundraising proposal

Mini

Bajaj Finance Ltd’s share price jumped more than 2.5 percent on Wednesday as the company announced its intent to consider a fundraising plan via debt issue/issue of non-convertible debentures.

Bajaj Finance gains 2.6% as board mulls fundraising proposal
Bajaj Finance Ltd’s share price climbed 2.61 percent to an intraday high of Rs 7,869.90 on Wednesday after the financial services company announced its intent to consider a fundraising plan at its meeting on January 18.
The Board of Bajaj Finance will consider raising funds by debt issue/issue of non-convertible debentures as a part of the proposed increase in the overall borrowing limit, the company said in an exchange filing.
In time for the earnings season, the firm will also consider the unaudited financial results for the quarter and nine months ended 31 December 2021 at next week’s meeting, it said.
Bajaj Finance stock has remained one of the most favoured ones in recent times. Ajay Srivastava, CEO, Dimensions Corporate Finance Services last week told CNBC-TV18 said he wouldn’t buy any non-banking financial company (NBFC) other than Bajaj Finance.
Citing pressure on fintech, small banks, he said big banks become a good investment case for 2022 unlike 2021. “If one wants to buy NBFCs, one must start with Bajaj Finance, there is no other way to start it,” he said, adding leaving Bajaj Finance aside, there is no other NBFC he would want to buy in this market.
However, brokerage firm CLSA, which recently initiated coverage on Bajaj Finance shares, gave it a ‘sell’ rating last week saying growth is expected to slow versus historic levels and the growth differential with peers should narrow.
Bajaj Finance stock has given investors a return of almost 55 percent in the past year as against the benchmark index Sensex that rose 23.5 percent. In the new year itself (year-to-date) the share price has gone up 8.19 percent against Sensex’s gain of 3.32 percent.
At 11:50 am, the shares of the financial company were trading 1.82 percent higher at Rs 7808.70 on the BSE. The stock was up 1.81 percent to Rs 7,808.35 on the NSE.
next story

Market Movers

Currency

CompanyPriceChng%Chng