Bajaj Finserv share price on Tuesday hit a 52-week high of Rs 16,590.15, up by almost 9 per cent intra-day. Bajaj Finance share jumped more than 4 percent to scale a new high of Rs 7,046.80 in intra-day trade on August 24. The stocks surged after Securities and Exchange Board of India’s (SEBI) allowed the company to set up an asset management company. The stock also increased on Nity50 Index on August 24. “The company has received an in-principle approval from the Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a Mutual Fund,” the company said in an exchange filing.
“Accordingly, the Company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary, in accordance with applicable Sebi Regulations and other applicable laws,” it further added.
Bajaj Finserv stock rose 42 per cent in the last three months.
The market-capitalisation (m-cap) of Bajaj Finserv is now more than Rs 2.6 lakh crore. Bajaj Finance on Tuesday overtook India’s largest bank State Bank of India in market value on Tuesday. The market capitalisation of the finance company crossed Rs 4.2-lakh-crore mark.
Shares of Bajaj Finserv traded 7.40 percent higher at Rs 16,397.85, while those of Bajaj Finance were 3.72 percent up at Rs 7,005.05 at 1255 hours.
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