Bajaj Finserv Gets SEBI Approval For Mutual Fund Business, Stock Rallies Over 7%

Share price of Bajaj Finserv gained around eight per cent on Tuesday, August 24, to touch a 52-week high of Rs 16590.15, after the company received approval from market regulator SEBI for sponsoring a mutual fund. The financial services company will be setting up an asset management company (AMC). On Tuesday, Bajaj Finserv opened on the BSE at Rs 15,340, swinging to an intra day high of Rs 16,590.15 and an intra day low of Rs 15,268.60, throughout the trading session.

Bajaj Finserv will set up an asset management company and the Trustee Company, directly or indirectly - itself or through its subsidiary in accordance with the applicable SEBI regulations and other applicable laws, according to a regulatory filing by the company to the stock exchanges today.

In the April-June quarter of the financial year 2021-22, Bajaj Finserv reported a net profit of ₹ 842.9 crore on a standalone basis, compared to ₹ 869.50 in the corresponding quarter of the previous fiscal, registering a decline of three per cent year-on-year.

The total revenue from operations in the June quarter at ₹ 5,915.90 crore, compared to ₹ 5,900.63 crore in the year-ago period. (Also Read: Bajaj Finance Net Profit Falls 3% To ₹ 843 Crore In June Quarter )

The company is a part of Bajaj Holdings and Investment Limited, focused on lending, asset management, wealth management, as well as insurance.

On the NSE, Bajaj Finserv opened at Rs 15,367.55, registering an intra day high of Rs 16,584.80, and an intra day low of Rs 15,260.00, during the session today.

On Tuesday, shares of Bajaj Finserv settled 7.91 per cent higher at Rs 16,475.25 on the BSE.