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<ul><li><keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> market cap stock overtakes that of SBI after the reports.</li><li>Indian financial services company <keyword id="85462" type="General" weightage="20" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> got <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> nod to start a mutual fund business.</li><li>The news triggered the shares of Bajaj Finserv and its subsidiary Bajaj Finance to become the top two gainers on the Nifty 50 index.</li><li>The market capitalisation of Bajaj Finance reached ₹4.22 lakh crore while that of Bajaj Finserv stood at ₹2.61 lakh crore.</li></ul>Shares of financial services companies Bajaj Finserv and Bajaj Finance surged as the former received the market regulator’s nod to start a mutual fund business. The shares of Bajaj Finserv reached its one year high of ₹16,584. The company had filed the application on September 28, 2020 to market regulator Securities and Exchange Board of India (SEBI). Bajaj Finance is the subsidiary of Bajaj Finserv. “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,” said Bajaj Finserv in an exchange filing. Another financial services company Zerodha is also waiting for the regulator’s nod to launch a mutual fund business. Frontline Capital Services, Wizemarkets Analytics, Unifi Capital, Alchemy Capital Management and Helios Capital Management are some other companies in line waiting for SEBI’s approval. The ₹35 lakh crore <keyword id="35476" type="General" weightage="20" keywordseo="mutual-fund-industry" source="Orion">mutual fund industry</keyword> has 44 mutual fund houses with HDFC Mutual Fund and SBI Mutual Fund being the top two asset management companies. <div type="image" title="Bajaj finance 2" height="900" width="1200" msid="85589505" hostid="261"></div> Shares of Bajaj Finserv’s subsidiary Bajaj Finance gained 4% on the news to reach a 52 week high of ₹7,049. Moreover, the market capitalisation of the company went up to ₹4.22 lakh crore crossing India’s biggest lender State Bank of India’s market cap of ₹3.71 lakh crore. <div type="image" title="Bajaj finance" height="900" width="1200" msid="85589515" hostid="261"></div> Bajaj Finance and Bajaj Finserv were among the top two gainers on the Nifty 50 index today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-loses-over-4-million-subscribers-airtel-and-jio-add-over-9-million-in-june/articleshow/85589113.cms">Vodafone Idea loses over 4 million subscribers, Airtel and Jio add over 9 million in June</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-mining-in-iran-easing-but-china-maintain-strict-stance/articleshow/85588848.cms">Iran is bringing back cryptocurrency mining, but China shows no signs of changing its mind</a>

Bajaj Finance gets bigger than SBI after SEBI allows parent Bajaj Finserv to sell mutual funds

<ul><li>The 30-share BSE index Sensex surged 234.73 points, and the NSE Nifty jumped 0.59% at 10:00 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index, Sensex makes a U-turn after opening in red— led by the gains in the heavyweight indexes like RIL, HDFC and also positive cues from the Asian markets. The 30-share BSE index Sensex surged 234.73 points, and the NSE Nifty jumped 0.59% at 10:00 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj FinServ </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero Motocorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr></tbody></table>*as of October 7, 9:55 am These are the top stocks in news today. Bajaj Finance shares tank 5% The share of Bajaj Finance tanked 5% after the company, in its quarterly update, said it would accelerate further provisioning for Covid-19. The new loans also declined sharply to 3.6 million from 6.5 million at the same time last year. This also moved Bajaj Finserv shares— which was down nearly 3%. Solara Active Pharma shares leap 12% The shares of Solara Active Pharma gained over 12% after brokerages increased the target price with a ‘buy’ rating. Macquarie has set the target price at ₹1680, whereas the global brokerage has set the target price at ₹2,100. Dixon Tech shares soar 3% The shares of Dixon Tech were up 3% after reports surfaced that the company's subsidiary Padget Electronics has been chosen as the domestic mobile phone manufacturing partner in the<a href="https://www.businessinsider.in/tech/mobile/news/samsung-foxconn-and-pegatron-among-16-companies-to-get-government-nod-to-boost-mobile-manufacturing-in-india/articleshow/78525793.cms"> Production Linked Schem</a>e. Reliance Industries gains over 4% The shares of Mukesh Ambani owned Reliance Industries soared 4% after the Abu Dhabi Investment Authority invested ₹5,512.50 crore in the Retail arm of RIL for a 1.20% equity stake. Titan Company up over 4% The shares of Titan Company soared 4% after the jewellery maker said that its business is almost back to the pre-COVID levels in its second quarterly update. Britannia Industries jump 3% The shares of consumer goods major Britannia Industries jumped 3% during the early trade hours after brokerages increased the target price for its shares with a ‘buy’ rating. The increase in the target price comes since FMCG companies have witnessed an improving sales picture in September. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/schitts-creek-star-dan-levy-lashes-out-at-an-indian-channel-for-censorship-on-the-show/articleshow/78526614.cms" data-type="tilCustomLink">Schitt’s Creek star Dan Levy lashes out at an Indian channel for censorship on the show</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-sbi-ril-tcs-bajaj-finance-dixon-tech-and-others/articleshow/78525681.cms" data-type="tilCustomLink">Top stocks to watch — SBI, RIL, TCS, Bajaj Finance, Dixon Tech and others</a>

Top stock movers — RIL, Bajaj Finance, Solara Active Pharma, Titan, Dixon Tech and more

New Delhi, Jan 29 () Bajaj Finserv on Wednesday reported a 32 per cent rise in consolidated net profit at Rs 1,126 crore in third quarter of FY20.
The company had posted a net profit of Rs 851 crore in the same period of 2018-19.
Total income rose 31 per cent at Rs 14,561 crore as against Rs 11,142 crore in year-ago period, Bajaj Finserv said in a release.
 Bajaj Finserv is the holding company for various financial services business of the Bajaj Group. 
The company holds 52.82 per cent stake in Bajaj Finance Ltd. It also holds 74 per cent stake in two unlisted insurance companies Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
"Economic conditions in the quarter continued to be weak with GDP growth dropping to 4.5 per cent in Q2FY20. Weak consumer demand in some pockets, unseasonal rainfall and volatile bond markets also contributed to difficult market environment for our businesses," the company said.
Even as the economic conditions remained difficult, all the three businesses of Bajaj Finserv performed well and the company has been able to record significant increase in consolidated revenue and profit after tax.
Bajaj Finserv stock closed at Rs 9,902.25 on the BSE, up 2.77 per cent over previous close. KPM RUJ
RUJ

Bajaj Finserv Q3 net profit rises 32 pc at Rs 1,126 cr

<ul><li>The Indian benchmark indices dropped nearly 2% on fears of rising Omicron cases while the market awaits RBI’s monetary policy decision on December 8.</li><li>Sensex fell more than 950 points led by losses in shares of IT stocks, auto stocks.</li><li>IndusInd Bank, <keyword id="8836175" type="General" weightage="20" keywordseo="tata-consumer" source="Orion">Tata Consumer</keyword> Products, Bajaj Finserv, TCS, HCL Tech were the top five losers in Nifty 50.</li></ul>Sudden rise in cases of COVID-19 variant Omicron across India has spooked investors in the market over another lockdown and slowdown in economic activity. Following this, Indian indices -- Sensex and Nifty 50 -- were down nearly 2%. Currently, India has 21 cases of the new variant out of which 17 were detected on December 5. “If this virus quickly spreads in India, then the market will be volatile for the upcoming next two weeks, along with that any further development on the effectiveness of vaccines on [the] new virus [strain] will be key monitorable [sic] for Indian markets,” said Yash Gupta, equity research analyst at Angel One. Here are the top losers on Nifty 50: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers on Nifty 50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.24% </td></tr></tbody><tbody></tbody></table> At the same time, market participants awaited the Reserve Bank of India’s (RBI) monetary policy outcome on December 8. <a href="https://www.business-standard.com/article/finance/rbi-may-wait-and-watch-say-economists-status-quo-likely-on-all-fronts-121120600021_1.html">Media reports </a>said that RBI may maintain status quo on the repo rate at 4% and the stance being ‘accommodative’. Since the variant was first detected in South Africa, it has spread to more than two dozen countries, including Asian nations like Sri Lanka, India, Japan, Malaysia, Singapore and South Korea. Indian indices were not the only ones fearing the new variant, market sentiment was weak across Asian and the US markets. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian indices and US </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hang Seng (Hong Kong) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shanghai SE Composite (China) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nikkei 225 (Japan) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taiwan TSEC 50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sensex </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nasdaq Composite (close change on Dec 3) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.92% </td></tr></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mapmyindias-parent-company-ce-info-systems-ipo-will-open-this-week-at-a-price-band-of-1000-1033/articleshow/88118874.cms">MapMyIndia’s ₹1000 crore IPO will open this week at a price band of ₹1,000-₹1,033</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-government-is-reportedly-looking-to-regularise-work-from-home-with-a-comprehensive-framework/articleshow/88122325.cms">Indian government is reportedly looking to regularise work from home with a comprehensive framework</a>

Nifty 50 goes below 17,000-mark on rising Omicron cases, fear of lockdown

<keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> on Monday posted a 42 per cent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. The company's total income was ₹21,755 crore for the reviewed quarter, against ₹17,620 crore in the corresponding period the previous year, which is a surge of 23.46 per cent. According to the statement shared with the exchanges, finance costs of the company went up to ₹3,240.78 crore from ₹2,444.53 crore. Total expenses of the firm surged 17.10 per cent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period. The company also said profit after tax of its subsidiary - <keyword id="111876" type="General" weightage="50" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> - for the third quarter increased 40 per cent to ₹2,973 crore, against ₹2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance. <keyword id="6358511" type="General" weightage="100" keywordseo="bajaj" source="Orion">Bajaj</keyword> Finance (<keyword id="144840" type="General" weightage="50" keywordseo="bfl" source="Orion">BFL</keyword>)'s gross non-performing asset (NPA) and Net NPA as on December 31, 2022, stood at 1.14 per cent and 0.41 per cent, respectively, as against 1.73 per cent and 0.78 per cent as on December 31, 2021. BFL holds a management and macro-economic overlay in provisions of ₹1,000 crore as on December 31, 2022. Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. Bajaj Finserv participates in the financing business through its 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and <keyword id="625416" type="General" weightage="50" keywordseo="bajaj-allianz-life-insurance-company-limited" source="Orion">Bajaj Allianz Life Insurance Company Limited</keyword> (BALIC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cpp-investments-commits-205-mn-to-indospaces-new-fund-for-building-industrial-logistic-parks-in-india/articleshow/97438270.cms">CPP Investments commits $205 mn to Indospace's new fund for building industrial, logistic parks in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscribed-just-2-amid-allegations-by-hindenburg-research/articleshow/97437900.cms">Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research</a>

Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

<ul><li>The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a red start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open lower on Thursday. The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a weak start for Nifty50. The US stocks also closed on a choppy note as negotiations continue to drag over the stimulus package. Dow Jones shed over 97 points, and the S&amp;P 500 ended 0.22% lower. These are the stocks to watch out for during the trading session on October 22: Bajaj Finserv The private lender Bajaj Finserv reported an 18% fall in its consolidated net profit to ₹986.29 crore for the quarter ended September 30, as group entities suffered a contraction in profits. The company’s overall income rose 5.8% to ₹15,051.59 crore during the quarter under review. The shares of Bajaj Finserv ended 0.72% lower on Wednesday. DLF Realty major DLF’s rental arm has signed a deal with Standard Chartered GBS. DLF will be leasing 7.7 lakh sq ft office space in an upcoming commercial tower in Chennai. The shares of DLF ended 2.87% higher on Wednesday. Prestige and Brigade Bengaluru-based developers Prestige and Brigade Group have partnered to develop a shopping mall and a hotel in Chennai at the cost of around ₹500 crore. The two leading developers have jointly taken 7.5-acre land on a 99-year lease in Chennai. The shares of Prestige ended 3% lower on Wednesday, whereas Brigade was up over 4%. Kirloskar Brothers Regulator SEBI has slapped a penalty of ₹31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading and committing fraud on public shareholders of Kirloskar Industries. Also, the entities have been barred from the capital market for a period ranging three months to six months, the regulator said in three separate orders on Tuesday. The shares of Kirloskar Brothers ended 0.18% lower on Wednesday. Aavas Financiers Aavas Financiers board approved to raise up to ₹100 crore via bonds. The shares of Aavas Financiers ended 0.44% lower on Wednesday. Equitas Small Finance Bank IPO The initial public offering (IPO) of Equitas Small Finance Bank was subscribed 67% on the second day of bidding. The portion reserved for qualified institutional buyers (QIBs) was subscribed 5%, non-institutional investors 5% and retail investors 142%. Bajaj Auto, Asian Paints, Biocon and Bharti Infratel Bajaj Auto, Asian Paints, Biocon and Bharti Infratel will be reporting their financial earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms" data-type="tilCustomLink">Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/business/startups/news/uber-bus-pradeep-parameswaran-says-india-and-apac-will-follow-egypt-success/articleshow/78788982.cms" data-type="tilCustomLink">Uber Bus in India soon? Head of Mobility in APAC says he is ready to import the Egypt experiment</a> <a href="https://www.businessinsider.in/india/news/sadhguru-advice-government-should-give-tax-relief-for-sustainable-businesses/articleshow/78790522.cms" data-type="tilCustomLink">Sadhguru’s advice: Government should give tax relief for sustainable businesses</a>

Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

(Pinki was born with a <keyword id="48915" type="UNKNOWN" weightage="100" keywordseo="Cleft-lip">cleft lip</keyword>. The picture on the left is her before the corrective surgery and the picture on the right is her after the surgery. <keyword id="1711279" type="COMPANY" weightage="100" keywordseo="Smile-Train-India">Smile Train India</keyword> assisted with her surgery as well. Image is for representational purposes only) 
 
It’s a sad reality that every year over 35,000 children are born with clefts in India and over 10 lakh children continue to live with untreated clefts and have difficulty eating, breathing and speaking. 
 The sadder part is the fact that <keyword id="128844" type="CITY" weightage="100" keywordseo="Cleft">cleft</keyword> repair surgery is not only simple but also the transformation it gives is immediate. It takes all of 45 minutes of surgery to correct this birth defect, giving people born with it a second chance at life. 
 
However, acute <a href="http://www.businessinsider.in/searchresult.cms?query=poverty&amp;sortorder=effectivedate">poverty</a> and ignorance is what prevents most of these children and their families to get these corrective surgeries. 
But not, anymore. 
 
In partnership with Smile Train India, the world’s largest cleft charity, <a href="http://www.businessinsider.in/searchresult.cms?query=bajaj&amp;sortorder=effectivedate">Bajaj</a> Finserv, successfully completed 10,000 free<a href="http://www.businessinsider.in/searchresult.cms?query=cleft&amp;sortorder=effectivedate"> cleft</a> lip and palate re-constructive surgeries for <keyword id="4989" type="UNKNOWN" weightage="100" keywordseo="underprivileged-children">underprivileged children</keyword> across India, ensuring that these kids have a reason to smile. 
 
Mamtaa Carrol, Smile Train’s Vice President and Regional Director for South Asia said, “When children born with clefts are provided the corrective surgery at the right age, they not only get a new smile and social acceptance but also the opportunity to go to school, learn a trade, get a job and become contributing members of the society. The impact of this simple surgery is both immediate and long term.” 
 With the help of 170 partner hospitals in its network, Smile Train has provided over 4,50,000 free surgeries over time.While Smile Train India has been actively involved in conducting free <keyword id="3366416" type="UNKNOWN" weightage="100" keywordseo="cleft-lip-and-palate-surgeries">cleft lip and palate surgeries</keyword> for underprivileged children who are forced to live with this congenital defect due to poverty and ignorance for some time now, Bajaj Finserv has been partnering with the charity for the last 2 years in a bid to enable children to grow up to be confident individuals and not face social stigma due to a defect that can otherwise be successfully treated. 
 
Speaking about the initiative to fund cleft surgeries, Sanjiv Bajaj, Managing Director of Bajaj Finserv said, “Following in the footsteps of the Bajaj Group, Bajaj Finserv and its subsidiaries, viz. Bajaj Finance Limited, Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited, support organizations and institutions that further the cause of social empowerment. It involves providing high quality services which are also cost effective, be it in health, education or any other field, to the weaker sections of society, without discrimination. Our partnership with Smile Train, which shares our belief in empowerment, is helping thousands of children, reach their full potential. This surgery not only provides a child with the precious gift of smile, but also a fresh opportunity for a productive and 
happy life.” 
 
It's heartening to see corporates with a big heart, going out of their way to help the poor and needy. 
 
Image credit: Indiatimes

This
company tied up with an NGO to bring smiles to 10,000 underprivileged children

<ul><li>The 30-share BSE index Sensex was down 250 points, and the NSE Nifty was trading 0.67% lower at 9:55 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened on a choppy note on Thursday, tracking weak cues from the global markets as negotiations continue to drag over the stimulus package in the US. The 30-share BSE index Sensex was down 250 points, and the NSE Nifty was trading 0.67% lower at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr></tbody></table>*as of October 22, 09:55 am These are the top stocks in news today. Zee Entertainment Enterprises (ZEEL) up over 2% The shares of Zee Entertainment Enterprises (ZEEL) gained over 2%, a day after the company unveiled a major strategic restructuring to focus on revenue maximisation and foray into newer territories. Vedanta shares gain 3% Vedanta shares trade 3% higher ahead of the board meeting, which is scheduled to meet on October 24 to consider and approve the first interim dividend for FY21. GMM Pfaudler trades 1% higher Even in the volatile market, the shares of GMM Pfaudler were trading one percent higher. The company has reported a 29.14% jump in its consolidated net profit to ₹26.85 crore for the second quarter ended September 30. KPIT Tech shed over 3% The software technology company KPIT Tech shed over 3% after the company reported a 2.5% fall in its net profit to ₹27.8 crore for the quarter ended September 30. JK Tyre shares gain 6% The shares of tyre major JK Tyre gained over 6% during the morning trade on Thursday after the company reported strong QoQ growth in Q2. The company reported a net profit at ₹109.68 crore against the loss ₹204.17 crore in the first quarter. Bajaj Finserv trades 2% higher The shares of private lender Bajaj Finserv rose over 2% after it reported a 5.8% jump in its total income to ₹15,051.59 crore during the second quarter ended September 30. However, its consolidated net profit fell 18% to ₹986.29 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/former-tesla-cio-raises-150-million-for-his-saas-automotive-retail-startup-enters-the-unicorn-club/articleshow/78800958.cms" data-type="tilCustomLink">Former Tesla CIO raises $150 million for his SaaS automotive retail startup, enters the unicorn club</a> <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms">Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/business/startups/news/uber-bus-pradeep-parameswaran-says-india-and-apac-will-follow-egypt-success/articleshow/78788982.cms">Uber Bus in India soon? Head of Mobility in APAC says he is ready to import the Egypt experiment</a> <a href="https://www.businessinsider.in/india/news/sadhguru-advice-government-should-give-tax-relief-for-sustainable-businesses/articleshow/78790522.cms">Sadhguru’s advice: Government should give tax relief for sustainable businesses</a>

Top stock movers — Vedanta, JK Tyre, GMM Pfaudler, Bajaj Finserv, Wipro, HCL Tech, Dr Reddy and others

Pune, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword> is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing <keyword id="20201280" type="General" weightage="20" keywordseo="bajaj-group" source="keywords">Bajaj Group</keyword>'s commitment of Rs 5,000 crore towards <keyword id="19916939" type="General" weightage="20" keywordseo="corporate-social-responsibility" source="keywords">Corporate Social Responsibility</keyword> (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that <keyword id="20050188" type="General" weightage="20" keywordseo="pulsar" source="keywords">Pulsar</keyword> launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the <keyword id="21052740" type="General" weightage="20" keywordseo="bajaj-family" source="keywords">Bajaj Family</keyword>'s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The <keyword id="21051165" type="General" weightage="20" keywordseo="jamnalal-bajaj-foundation" source="keywords">Jamnalal Bajaj Foundation</keyword>, Jankidevi Bajaj Gram Vikas Sanstha, and the <keyword id="21052739" type="General" weightage="20" keywordseo="kamalnayan-bajaj-hospital" source="keywords">Kamalnayan Bajaj Hospital</keyword>, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and Mukand Ltd. "Launching the Bajaj Engineering Skills Training (<keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">BEST</keyword>) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group," Rajiv Bajaj said. "You do not change the world by sloganeering. Saying Make in India does not change the world; saying Aatmanirbhar does not change the world; saying vocal for local does not change the world; saying Viksit bharat does not change the world. "Words would not change the world, unless you have the skills to put those words into action. It would certainly not change the world by saying I will spend tens of thousand of crores of rupees on CSR or that I want to touch billions of lives," he added. Speaking at the event Sanjiv Bajaj, Chairman &amp; Managing Director, Bajaj Finserv, said, "Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent." With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added.

Bajaj Auto working on CNG bike, to hit road in June: MD

Pune, Apr 24 () To strengthen the fight against COVID-19, Bajaj Finserv, its subsidiaries and group employees have contributed over Rs 10 crore to the PM CARES fund, the group said on Friday. The group collectively employs around 32,000 and the money is part of their salary. Those contributed include the employees of Bajaj Holdings &amp; Investments and Bajaj Finserv, Bajaj Finance, Bajaj Housing Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, Bajaj Finserv Direct and Bajaj Finserv Health, the companies said in statement.The Bajaj Finserv companies have decided to match the employees contribution, thereby doubling the amount to Rs 10.15 crore. The Bajaj group had earlier pledged Rs 100 crore for the same, of which close to Rs 40 crore is already operational through various projects in multiple geographies. * * * * * * *Jubilant Group donates Rs 10 cr to PM CARES fundMumbai: Jubilant Bhartia Group, which is the master franchise of Domino's Pizza and Dunkin' Donuts, has contributed Rs 10 crore to the PM CARES Fund to help mitigate the crisis arising from the pandemic.The donation has come from two group companies, the food services arm Jubilant Foodworks and Jubilant Life Sciences. The contribution of Jubilant Life includes one day gross salary of its 5,300 employees. That apart the group has also taken several measures at the grassroots level in the areas of health &amp; safety, food &amp; ration distribution, sanitization, medical &amp; medicine, distribution of PPEs and support to the administration across various locations. * * * * * * * HCL joins TN govt in COVID fight Chennai: Tamil Nadu government has partnered with software major HCL to set up a disaster management - data analytics centre to strengthen the state's efforts in the face of the coronavirus pandemic.HCL is also helping improve and expand the state's disaster management helpline (1070) through technological upgrade, manpower assistance and effective reporting mechanisms. The centre operates a call centre which is accessible to people across the state and delivers the first level of response in any emergency. * * * * * * *Uber offers Rs 1-cr free rides to Maha COVID fighters Mumbai: Ride hailing app Uber has offered free rides to the Maharashtra government for transporting the frontline healthcare workers who are fighting the COVID pandemic. The agreement is part of Uber's global commitment to offer 10 million free rides to move what matters and UberMedic is already transporting frontline medical workers in 28 hospitals across 14 cities in the state.The free rides offer is for emergency services through the UberMedic service, which will transport frontline healthcare workers, government officials on COVID duties, and support other essential requirements. BEN MR

Bajaj Finserv Group donates over Rs 10 cr for COVID relief

<keyword id="85462" type="General" weightage="100" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> Ltd, the holding company for the Bajaj group's financial services companies -- on Friday said it had logged an after tax profit of Rs 754.34 crore for the quarter ended September 30. The company's net profit has jumped 24% year-on-year. In a regulatory filing, the company said for the second quarter that ended September 30, it has earned a total income of Rs 1,019.07 crore (Q2FY23: Rs 689.42 crore) and a net profit of Rs 754.34 crore (Q2FY23: Rs 485.08 crore). The company's consolidated total income of the company rose 25% on-year to Rs 26,023 crore, from Rs 20,803 crore in a year ago period. During the period under review, Bajaj Finserv has booked a dividend income of Rs 953.45 crore up from Rs 635.64 crore booked during the previous year corresponding period. <h2 style="margin-bottom: 35px; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: 400; font-stretch: normal; font-size: 20px; line-height: 28px; font-family: Lora, sans-serif; color: rgb(47, 47, 47); background-color: rgb(255, 255, 255);"> </h2>The company is the holding company for Bajaj Finance Ltd, Bajaj Allianz General Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd and others. Bajaj Finserv's scrip after opening at Rs 1,570 on Friday touched a high of Rs 1,593.55 and is changing hands for about Rs 1,583.

Bajaj Finserv Q2 net profit rises 24%, revenue up 25%

New Delhi, May 21 () <keyword id="168163" type="DOMAIN" weightage="20" keywordseo="Bajaj-Finserv-Ltd">Bajaj Finserv Ltd</keyword> (BFL) on Thursday reported a plunge of 77% in its consolidated net profit to ₹194 crore for the fourth quarter ended March 2020, mainly due to the COVID-19 impact on group companies. The company had posted a net profit of ₹839 crore during the corresponding January-March period of 2018-19. Excluding the COVID-19 impact, it said the net profit during the March quarter would have been ₹1,001 crore. Its total consolidated income during the March 2020 quarter, however, increased by a little over 2% to ₹13,294 crore as against ₹12,995 crore in the corresponding period of the previous financial year, BFL said in a release. On the yearly basis, the company said it has posted the highest-ever net profit as well as total income, adding that the profit is highest-ever for the sixth consecutive time. The profit after tax in 2019-20 rose to ₹3,369 crore, against ₹3,219 crore in the year-ago period, the company said. The consolidated profit after tax, excluding the COVID-19 impact, jumped to ₹4,176 crore from ₹3,219 crore, it added. The company's consolidated total income was at a record ₹54,351 crore in 2019-20 as compared to ₹42,606 crore in 2018-19. "Even without the terrible effects of the COVID-19 pandemic, India's GDP (gross domestic product) growth had shown clear signs of slowing down," BFL said. Due to lockdown and subsequent moratorium on loan instalments, performance of banks and non-banking financial companies (NBFCs) were impacted in March, it said adding that standstill in new car sales and grace period to customers on premium payment equally impacted the life and general insurance sectors. Despite these challenges, the company has been able to record its highest-ever annual consolidated total income and profit after tax, BFL said in the release. Under the Ind-AS (Indian Accounting Standards), the insurance subsidiaries have chosen to hold equity securities as fair value through profit and loss account and, therefore, the insurance companies had an unrealised mark-to-market (MTM) pre-tax loss of ₹768 crore in the consolidated financials, the company added. "Additionally, BFL made a pre-tax provision of ₹900 crore in the form of contingency provision on account of the impact of COVID-19," it said. The MTM adjustment and the contingency provision, together considered as COVID-19 impact, after adjusting for tax and the company's interest in those subsidiaries have impacted consolidated profit after tax of BFL for the fourth quarter and 2019-20 by ₹807 crore, it added. The holding company of the financial services of the Bajaj group said it had declared an interim dividend of ₹5 per equity share (100%) on February 21 and paid on March 9. The said amount has been declared as final dividend for 2019-20. BFS holds 52.82% in <keyword id="437308" type="COMPANY" weightage="20" keywordseo="Bajaj-Finance-Ltd-">Bajaj Finance Ltd.</keyword> It also has 74% holding in unlisted subsidiaries, Bajaj Allianz General Insurance Company Ltd and Bajaj Allianz Life Insurance Co Ltd. Shares of <keyword id="85462" type="COMPANY" weightage="20" keywordseo="Bajaj-FinServ">Bajaj Finserv</keyword> on Thursday closed 3.64% down at ₹4,537.75 on the BSE.

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