Bajaj Finance, Bajaj Finserv hit new LIFE HIGHS as latter gets SEBI nod to set up Mutual Fund

As the financial company gets approval for sponsoring Mutual Fund, Bajaj Finserv shares jumped 8 per cent and touched a new high of Rs 16,518 per share on the BSE intraday trade on Tuesday. The stock is on a continuous surge and hitting a new high with each passing minute while writing this copy. 

The index heavyweight, which is also a top gainer on Nifty50, said in its exchange filing, “The company has received an in-principle approval from the Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a Mutual Fund.”

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"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," it further said in a filing. 

The stock surpassed its Monday’s high of Rs 15,416.05 touched in the intra-day trade and has outperformed the market by surging 42 per cent in the last three months, as compared to a 10 per cent gain in the S&P BSE Sensex. 

Similarly, the rally in the stock price has also fuelled the financial service company’s market capitalisation beyond the Rs 2.5 trillion-mark on Tuesday.

Another twin of Bajaj Finserv, Bajaj Finance also hit a new 52-week high to Rs 7003.95 per share on the BSE, after surging for around 4 per cent intraday today. The stock is on continuous surge and hitting a new high with each passing minute while writing this story. 

Bajaj Finserv holds stakes in Bajaj Allianz Life, Bajaj Allianz General Insurance (BAGIC), Bajaj Finance (BFL) and Bajaj Financial Solutions.

Bajaj Finserv board of directors, on July 21, 2021, had approved to invest Rs 342 crore in Bajaj Finserv Direct (BFDL), a wholly-owned subsidiary of the company. Bajaj Finserv, through its 100 per cent subsidiary, BFDL, is creating a digital marketplace which offers range of financial products including loans, insurance, mutual funds, investments, payments, and select e-commerce.