Shares of Bajaj Finance jumped over 4% to the day’s high of Rs 7,723.95 on the NSE in Thursday’s trade after the company reported a 26% jump in new loans booked during the quarter ended December 31, 2023, to 9.86 million from 7.84 million in the corresponding quarter of the last financial year.
The quarterly updates announced by the NBFC late on Wednesday had a rub-off effect on its twin Bajaj Finserv whose shares jumped 2.7% in the opening trade.
The deposit book stood at approximately Rs 58,000 crore as of 31 December 2023 as compared to Rs 42,984 crore in the year-ago period. This translates into a 35% growth year-on-year (YoY).
The assets under management (AUM) grew by 35% YoY to approximately Rs 311,000 crore as of 31 December 2023 as compared to Rs 230,842 crore as of 31 December 2022, the company filing said. The AUM in Q3 FY24 grew by approximately Rs 20,700 crore.
The consolidated net liquidity surplus stood at approximately Rs 11,600 crore as of 31 December 2023. The company claimed that its liquidity position remains strong.
The stock has been a market laggard, delivering nearly 17% returns in the last 12 months which is lower than the 19% returns given by the Nifty during this period. However, the stock’s returns are higher than the sector index Nifty Financial Services which has risen 12.57%.
Today’s price action has taken the counter into the overbought zone with momentum indicator MFI at 73, according to Trendlyne data. Meanwhile, RSI at 53 suggests that there could be more upside to the Bajaj Finance shares.
The largecap Nifty counter has traded with relative stability as its 1-year beta stood at 0.30 as per Trendlyne.
Bajaj Finance also trades in the derivatives segment. Its market-wide position limit (MWPL) stood at 22% with the open interest (OI) reported by Trendlyne at 5.8 million. This is up 1% from the last closing.
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