Bajaj Finance's stocks look strong today. Know why

Shares of Bajaj Finance surged as much as 2 percent after the company announced a strong set of earnings thanks to a rise in retail financing of consumer durables and non-durables to the upper middle class.

Bajaj Finance said its first quarter net profit jumped 30 percent to `276 crore compared with `211 crores in the same quarter a year ago. The company added its sales during the April-June quarter surged 33 percent to `1,646 crores versus `1,244 crore rupees in the year ago period.

Bajaj Finance rose 98 rupees to 5,120 soon after earnings were made public. Its Futures showed the sharpest, 417 percent, rise in traded volumes in the derivatives space.

Bajaj Finance has been among the best performing stocks on the National Stock Exchange, where its market capitalisation has surged 130 percent over one year to `27,700 crore rupees.

(Image credit: Indiatimes)