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Bajaj Finserv stock spurts on strong Q2 results

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Shares of financial services company Bajaj Finserv rose by more than 8 per cent on the bourses on Thursday after the company's posted an over two-fold increase in net profit to Rs 158 crore for the second quarter ended September 30, 2011.

Defying the weak trend in the broader market, shares of the company opened on a robust note and jumped further by 7.8 per cent to an early high of Rs 586 on the BSE.

A similar trend was witnessed on the NSE, where the stock gained 8.39 per cent to Rs 591.

Bajaj Finserv, which reported its second quarter results after the market close on Wednesday, has more than doubled its profits to Rs 158 crore from Rs 69 crore in the corresponding period a year ago.

The surge in the stock was in sharp contrast with the bearish trend in the broader market, with the benchmark Sensex trading lower by 254.43 points at 16,830.91 at 1035 hours.



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