Shares of Bajaj Finserv hit a new high of Rs 15,875, up 4 per cent on the BSE in the intra-day trade on Tuesday, after the company said it has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. The stock surpassed its Monday’s high of Rs 15,416.05 touched in the intra-day trade.
"Accordingly, 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," Bajaj Finserv said in an exchange filing. READ THE FILING HERE
In the past three months, the stock has outperformed the market by surging 42 per cent as compared to a 10 per cent gain in the S&P BSE Sensex. A sharp run-up in the stock price has propelled its market capitalisation beyond Rs 2.5 trillion-mark today.
Bajaj Finserv holds stakes in Bajaj Allianz Life (sixth largest private insurer (BALIC), Bajaj Allianz General Insurance (BAGIC) (second largest general insurer), Bajaj Finance (BFL) and Bajaj Financial Solutions.
On July 21, 2021, the board of directors of Bajaj Finserv had approved to invest Rs 342 crore in Bajaj Finserv Direct (BFDL), wholly owned subsidiary of the Company. Bajaj Finserv, through its 100 per cent subsidiary, BFDL, is creating a digital market place which offers range of financial products including loans, insurance, mutual funds, investments, payments and select e-commerce. It has been recognised, during the year, by Economic Times for ‘Business Model Innovation’.
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