Bajaj Finserv is trading higher by 5% at Rs 712 on reporting a 51% year-on-year growth in consolidated net profit at Rs 195 crore for the quarter ended June 2012, on back of strong growth in operational income. The consolidated income from operations grew 51% at Rs 927 crore on y-o-y basis.
The Bajaj group's holding company for financial services business, has also announced a rights issue to raise funds worth Rs 1,000 crore.
“The rights issue will be completed in the next two quarters, and the majority of the resources raised will be deployed in Bajaj Finance,” the report suggests quoting Sanjiv Bajaj, managing director of Bajaj Finserv.
The stock opened at Rs 694 and hit a high of Rs 721 on the Bombay Stock Exchange. The counter have seen huge trading volumes, with a combined 5,00,306 shares have already changed hands so far, against around 115,000 shares that were traded daily in past ten trading days.
