Bajaj Finance hits lifetime high; surges 30% in one month
Shares of Bajaj Finance were trading higher by 3% at Rs 5,587, extending their month-long rally on the Bombay Stock Exchange (BSE).
The stock of non-banking finance company touched a lifetime high of Rs 5,596 in intra-day trades, rallying by 30% in the past one month from Rs 4,317 on June 3. The S&P BSE Sensex gained 4% during the same period.
Last month, the company had successfully raised Rs 1,400 crore by issuing 3.27 million equity shares to qualified institutional buyers at an issue price of Rs 4,275 per share through qualified institutional placements (QIP).
The additional capital will finance higher growth while maintaining sound capital adequacy, Bajaj Finance said.
Meanwhile, the company had reported a strong 27% year on year (yoy) growth in net profit at Rs 231 crore for the quarter ended March 2015 (Q4FY15), while its net interest income grew 28% at Rs 833 crore on a y-o-y basis.
Post its successful foray into rural lending business in Maharashtra & Gujarat, Bajaj Finance has launched MSME lending business to address the needs of micro and small enterprises in its rural market in Q4FY15.