 "A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai")
Bajaj Finserv has hit a fresh record high of Rs 2,511, up 2% on the National Stock Exchange (NSE) in an otherwise subdued market.
In the past 16 trading sessions, since June 26, the stock has outperformed the market surging 21% from Rs 2,078 after the media report suggest that Bajaj Finserv is likely to buy out Allianz's stakes in Bajaj Allianz Life. The Nifty 50 index gain 5% during the same period.
Bajaj Finserv had clarified that the initial discussions between Bajaj & Allianz on various options, are in motion.
“After the recent amendment to the Insurance Act increasing the limit for foreign investment in Insurance companies, initial discussions between Bajaj & Allianz are on, on various options. No formal conclusion/agreement has been reached as on date,” the company stated on clarification on the news report.
Bajaj Finserv is the holding company for the various financial services business under Bajaj group. The company participates in the financing business through its 57.28% holding in Bajaj Finance and in the protection business through its 74% holding in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance Company.
At 12:00 PM, the stock was up 1.4% at Rs 2,495 on the NSE, as compared to 0.02% decline in Nifty 50 index. A combined 70,230 shares changes hands on the counter on the NSE and BSE so far.
In the past 16 trading sessions, since June 26, the stock has outperformed the market surging 21% from Rs 2,078 after the media report suggest that Bajaj Finserv is likely to buy out Allianz's stakes in Bajaj Allianz Life. The Nifty 50 index gain 5% during the same period.
Bajaj Finserv had clarified that the initial discussions between Bajaj & Allianz on various options, are in motion.
“After the recent amendment to the Insurance Act increasing the limit for foreign investment in Insurance companies, initial discussions between Bajaj & Allianz are on, on various options. No formal conclusion/agreement has been reached as on date,” the company stated on clarification on the news report.
Bajaj Finserv is the holding company for the various financial services business under Bajaj group. The company participates in the financing business through its 57.28% holding in Bajaj Finance and in the protection business through its 74% holding in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance Company.
At 12:00 PM, the stock was up 1.4% at Rs 2,495 on the NSE, as compared to 0.02% decline in Nifty 50 index. A combined 70,230 shares changes hands on the counter on the NSE and BSE so far.
