Strong Q1 lifts Bajaj FinServ stock 5%

Jul 14 2011, 11:33 IST
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SummaryBajaj Finserv stock was buoyed by almost two-fold growth in net profit for the quarter.

Bajaj Finserv stock rose by over 5 per cent in morning trade on the bourses today, buoyed by almost two-fold growth in net profit for the quarter ended June, 2011, due to the strong performance of its insurance and lending businesses.

Defying the sluggish broader market trend, Bajaj Finserv shares surged by 5.50 per cent to touch a one-month peak of Rs 569.60 on the BSE, while on the NSE, the stock jumped by 5.56 per cent to a high of Rs 569.70.

In terms of volume, over 9 lakh shares of the company changed hands on the bourses in morning trade.

Bajaj Finserv has reported a 94.8 per cent jump in net profit to Rs 128.73 crore for the quarter ended June, 2011.

The company had posted a net profit of Rs 66.08 crore for the April-June quarter last year.

Bajaj Finserv's total income grew five-fold to Rs 612.64 crore during the first quarter of the current fiscal, as against Rs 123.91 crore in the year-ago period.

Meanwhile, the BSE 30-share Sensex was trading at 18,489.56, down 106.46 points, while the NSE's 50-share Nifty was quoting at 5,558.10, down 27.35 points, at 1019 hours.

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