Bajaj Finance hits new high, surges 10% in one week

Thus far in the calendar year 2019, Bajaj Finance has outperformed the market by surging 54 per cent, as compared to an eight per cent gain in the Sensex.

Shares of Bajaj Finance hit a new high of Rs 4,084, up 2 per cent on the BSE on Friday, gaining 10 per cent during the week after the government announced a reduction in the corporate tax rate. The stock of non-banking finance company (NBFC) is the top gainer among the S&P BSE Sensex. The benchmark index is up 2.3 per cent thus far in the week.

Analysts expect tax cut-led earnings boost to NBFCs will provide cushion against a decline in growth. Improvement in corporate earnings and increased manufacturing capex, they believe, will further add banking sectors’ business