Takes Rs 4,750-cr hit on assets under management
Despite the stimulus measures by the government and the Reserve Bank of India (RBI), financial sector stocks, including those of non-bank finance companies (NBFCs) have taken a hard knock
The company reported a 27 per cent AUM growth in the March 2020 quarter (Q4) compared to its 7-quarter average growth of 37 per cent
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Recently, foreign brokerage Bernstein had downgraded Bajaj Finance to 'underperform' and had cut the target price to Rs 1,740 from Rs 4,820.
At 8x FY21 estimated book, even as it is the most expensive lender, the stock remains among the preferred picks in the banking pack
For Tata Steel, keep a stop at 380 and go short
Experts say it's tough to claim that equities have fully priced in its impact on India Inc's earnings
ICICI Securities, Nippon Life India Asset Management, AU Small Finance Bank, and CreditAccess Grameen also scaled their fresh peaks today.
YES Bank (down 58 per cent), RBL Bank (down 5 per cent) and Prestige Estates Projects (down 0.04 per cent) are the only three counters to trade below their respective QIP prices
The Nifty seems to have completed wave B of the bounce and wave C up on the hourly charts is expected
Growth was driven by net interest income (NII), which increased 42 per cent year-on-year (YoY) to Rs 4,537 crore in Q3FY20
Bajaj Finance closed 5 per cent higher on the BSE after the NBFC reported its highest ever quarterly consolidated net profit at Rs 1,614.11 crore in the December quarter of FY20, up 52 per cent YoY
For the quarter under review, the NBFC logged a consolidated net interest income of Rs 4,537 crore, a rise of 42%, from Rs 3,206 crore reported in the December quarter of the previous fiscal.
India Inc is expecting a slew of economy-boosting steps such as income-tax rate cuts, increased rural infrastructure spending, and job creation measures in the Union Budget this time
At the other end of the spectrum, Essel Group topped the list of losers, followed by Vedanta and Munjal (Hero) group
The surge in wealth creation in the sector has been led by private banks and non-banking financial companies (NBFCs).
Growth rate seen moderating further given little sign of revival
As many as 63 stocks have zoomed over 1,000 per cent during this period
Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.