Bajaj Finserv – The Indian market regulator Securities and Exchange Board of India (SEBI) has given its in-principle approval. Bajaj Finserv to sponsor a mutual fund, the company announced on Tuesday. AMC (Asset Management Company) will also be there up.
Bajaj Finserv said in a filing on the exchange that they would set up the Asset Management Company (AMC) and Trustee Company, either directly or indirectly. Such as directly or via a subsidiary, based on the applicable SEBI Regulations and other applicable laws.
During the first half of Tuesday’s trading session, Bajaj Finserv shares traded over 3% higher at $15,785 per share on the BSE. The stock is increasing more than 140% in one year, while it’s surging more than 75% this year (year-to-date). Among the services, Bajaj offers are insurance, asset management, and wealth management.
Bajaj Financial Services Limited was thereafter Bajaj Auto Limited is demerging in 2007 to expand the interests of the group’s financial services. In the Bajaj Group, Bajaj is the holding company for the businesses that offer financial assistance group’s financial services.
The board of directors of Bajaj Finserv approved to invest Rs 342 crore in its wholly-owned subsidiary Bajaj Finserv Direct (BFDL) on July 21, 2021. BFDL offers credit, insurance, mutual funds, investments, payments, and select e-commerce products. Bajaj Finserv is developing a digital marketplace through its 100 percent subsidiary. Economic Times recognized the company for its business model innovation this year.
More in the insights of Bajaj Finserv
In an interview, Rahul Sharma, Co-Founder of Equity99, said, “The company plans to deliver financial services seamlessly through an app. It expects to benefit from synergies and its customer database for its low-cost, high-value services via the digital platform.”
Bajaj Finserv reported an over 31% decline in consolidated net profit at $833 crore for the quarter ending June 2021. In the same quarter of the preceding fiscal, the company recorded a net profit of 1,215 crores. As a result, the consolidated total income fell to *13,949 crores in Q1FY22 from *14,192 crores in Q1FY21.
On Tuesday, Bajaj Finserv climbed 4 percent to Rs 15,875 in intra-day trade after it announced that it had received in-principle approval from India’s Securities and Exchange Board (Sebi). A high of Rs 15,416.05 is there in the intraday trade, surpassing the stock’s Monday high.
A trust company will be set up either directly or indirectly, through it or via its subsidiary. It is based on the Sebi regulations and other applicable laws, according to Bajaj exchange disclosure.
The stock has outperformed the market by 42 percent over the past three months, while the S&P BSE Sensex has gained 10 percent. Today, its market capitalization surpassed Rs 2.5 trillion after a sharp rise in its stock price.
It holds shares in Bajaj Allianz Life (the sixth-largest private insurer (BALIC) and Bajaj Allianz General Insurance (BAGIC) (fifth largest general insurer). As well as in Bajaj Finance (BFL) and Bajaj Financial Solutions.