Bajaj Finserv spurts on wealth bizz plans

Bajaj Finserv has surged after announcing plans to enter the wealth management business in the second quarter of 2010. The Bajaj Group's  mid-cap financial services firm is trading at Rs 394, higher by 16% on the BSE. The stock has hit a high of Rs 407.15 and a low of Rs 340 thus far.

Bajaj Finserv will distribute financial products and provide advisory services to retail customers in five cities as a part of the wealth management business, according to the company's filing with the BSE.

The counter has seen a huge surge in volumes, with 20 lakh shares being traded as against the two-week average of 1.3 lakh shares.