Bajaj Holdings slips after weak Q3 results

Bajaj Holdings & Investment fell 2.76% to Rs 1,430 at 9:30 IST on BSE after consolidated net profit fell 4.45% to Rs 472 crore in Q3 December 2014 over Q3 December 2013.

The result was announced after market hours yesterday, 15 January 2015.

Meanwhile, the BSE Sensex was down 65.46 points, or 0.23%, to 28,010.09.

On BSE, so far 2,144 shares were traded in the counter, compared with an average volume of 11,730 shares in the past one quarter.

The stock hit a high of Rs 1,459 and a low of Rs 1,410 so far during the day. The stock hit a 52-week high of Rs 1,635 on 20 November 2014. The stock hit a 52-week low of Rs 895.10 on 17 January 2014.

The stock had outperformed the market over the past one month till 15 January 2015, rising 4.41% compared with 2.77% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.20% as against Sensex's 6.55% rise.

The large-cap company has an equity capital of Rs 111.29 crore. Face value per share is Rs 10.

Bajaj Holdings & Investment (BHIL), with a sizeable pool of cash and cash equivalents, is essentially an investment company, holding as on 31 December 2014, strategic stakes of 31.49% in Bajaj Auto and 39.29% in Bajaj Finserv, the results of which are consolidated with BHIL.

On standalone basis, BHIL's profit on sale of investments (net) dropped 51.85% to Rs 13 crore in Q3 December 2014 over Q3 December 2013. BHIL said that the company chose to hold on to most of its equity portfolio and therefore profit on sale of investments was lower in Q3 December 2014 when compared to the corresponding previous year period. Improving economic environment signals accelerated growth potential in the equity market and hence the company chose to hold on to most of its equity portfolio in Q3 December 2014, BHIL said.

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