Bajaj Finance is trading higher by 3% to Rs 1,521, extending its previous day’s 5.4% rally, after 52% year-on-year (yoy) jump in its net profit at Rs 164 crore for the fourth quarter ended March 31, 2013 on back of strong growth across SME and consumer business. The non-banking finance company had profit of Rs 108 crore in year ago quarter.
Net interest income (difference between interest earned minus interest expenses) grew 33% at Rs 517 crore on yoy basis. The company’s assets under management AUM grew by 34% yoy to Rs 17,517 crore from Rs 13,107 crore during the recently concluded quarter.
Meanwhile, the management has indicated that Bajaj Finance would be applying for banking license and would be converting into a bank.
Analyst at Nirmal Bang Research recommends HOLD rating on the stock with a target price of Rs 1,638.
The stock opened at Rs 1,484 and hit a new high of Rs 1,525 on NSE. A combined 123,227 shares changed hands on the counter till 1445 hours on NSE and BSE.
Net interest income (difference between interest earned minus interest expenses) grew 33% at Rs 517 crore on yoy basis. The company’s assets under management AUM grew by 34% yoy to Rs 17,517 crore from Rs 13,107 crore during the recently concluded quarter.
Meanwhile, the management has indicated that Bajaj Finance would be applying for banking license and would be converting into a bank.
Analyst at Nirmal Bang Research recommends HOLD rating on the stock with a target price of Rs 1,638.
The stock opened at Rs 1,484 and hit a new high of Rs 1,525 on NSE. A combined 123,227 shares changed hands on the counter till 1445 hours on NSE and BSE.
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