Bajaj Finserv up 9.5%

Bajaj Finserv is right there among the top five gainers on the BSE; opening 1.5% higher at Rs.13500, the stock rose to an intraday high at Rs.14579.95, rising 9.5%, not too far from its 10% UC of the day at Rs.14633.45.

The stock surged after the Board today approved a 1:1 bonus (one share for each share held) and also a 1:5 stock split (Rs.5 FV split into Re.1 – five shares).

This apart, for Q1FY23, the company declared a 57% (YoY) jump in consolidated net profit at Rs.1309 crore on a 14% rise in net revenue at Rs.15,888 crore.

This is a holding company with three subsidiaries - Bajaj Finance, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. Bajaj Holding is the biggest shareholder with 39.16%; total promoter holding (63 shareholder) is at 60.80%.