Bajaj Finance shares surge nearly 10% on robust Q1 show

Shares of non-banking finance major Bajaj Finance today surged nearly 10 per cent after the company reported its best-ever quarterly numbers with a 54 per cent jump in net income for the three months to June.
The scrip zoomed 9.75 per cent to settle at Rs 9,853.40 on BSE. During the day, it jumped 11.26 per cent to Rs 9,990 -- its 52-week high.
On NSE, shares of the company rose sharply by 9.62 per cent to close at Rs 9,848.35.
On the volume front, 2.69 lakh shares of the company were traded on BSE and more than 9 lakh shares changed hands at NSE during the day.

Bajaj Finance today reported its best-ever quarterly numbers with a 54 per cent jump in net income at Rs 424 crore for the three months to June, boosted by a strong growth in retail and SME advances.
Bajaj Finance Managing Director Rajeev Jain attributed the good set of numbers to all-round growth in business led by retail finance and SME lending.

Jain said assets under management rose 40 per cent to Rs 49,608 crore, as its customer acquisition during the period grew 48 per cent to 25,40,540 from 17,19,125 a year ago. Total income grew 39 per cent to Rs 2,301 crore.

"In fact, our asset quality improved both from a gross and net NPA basis. While gross NPAs declined to 1.47 per cent, net NPA too improved to 0.41 per cent during the quarter.
"But the numbers are not comparable as the NPA detection period has come down to 120 days from the reporting quarter from 150 days a year ago after the Reserve Bank changed the NPA norms for NBFS," Jain said, adding in the June 2015 quarter the same stood at 1.25 per cent and 0.30 per cent from a 150 days perspective, respectively.