Shares of Bajaj Finance hit their new 52-week high of Rs 6,891.40 after reports that the company is entering the Rs 20,000-crore life care segment
Shares of Bajaj Finance hit their new 52-week high of Rs 6,891.40 after reports that the company is entering the Rs 20,000-crore life care segment under which it will finance expenses for stem cells storage units, cosmetics-based hair treatment, dental and eye care, IVF & maternity care, laproscopic cure for a dozen ailments, and elective medical/paramedical care for many other issues.
At 2.42 pm, Shares of Bajaj Finance were trading 3.75 per cent up at Rs 6,875.95. The scrip opened at Rs 6,628 and has touched a high and low of Rs 6891.40 and Rs 6,627, respectively, in trade so far. Sensex was trading 0.35 per cent down at 25,242.13.
The Pune-based company, which claims to be the first to enter this segment in the country, expects to net around Rs 1,000 crore in sales over the next five years from this business hoping to an encore of the massive demand for such segmental funding in the Western markets where life care segment is a booming business.
For the quarter ended December 2015, the company reported net profit of Rs 408.46 crore, up 58.08 per cent, against Rs 258.38 crore in the corresponding quarter a year ago.
In the past one year, the share price of the company jumped 66.41 per cent to Rs 6626.50 till March 22, whereas BSE Sensex slid 10 per cent during the same period.
(With inputs from PTI)