Shares of Bajaj Finserv spurted by nearly 14% in early trade on the BSE today, bolstered by Berkshire Hathaway's deal with the company's unit, Bajaj Allianz General Insurance.
US-based Berkshire Hathaway yesterday said it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
Defying the bearish broader market sentiment, Bajaj Finserv's shares shot-up by 13.72% to touch a one-month high of Rs 499.90 on the Bombay Stock Exchange.
In a similar fashion, the stock zoomed up by 15.88% to an early high of Rs 512.05 on the National Stock Exchange.
The move would mark the maiden foray of Berkshire Hathaway into the Indian market.
As part of its planned India entry, the conglomerate led by billionaire Warren Buffett has incorporated Berkshire India to sell and distribute general insurance products in the country.
Meanwhile, the BSE benchmark Sensex was trading 151.37 points lower at 18,295.13 at 1015 hrs today.
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