BAJAJ FINANCE RISE ON STRONG ASSET GROWTH

Bajaj Finance shares rose nearly 5 percent in intraday trade on Monday, snapping a four-session losing streak, after the non-bank lender reported strong asset growth for the July-September quarter. The stock touched an intraday high of Rs 995.80 on the NSE, gaining 5 percent, before paring some of the gains amid profit booking. It was later trading up 3.56 percent. The gains came after Bajaj Finance reported a 26.5 percent year-on-year increase in assets under management to around Rs 5.84 lakh crore as of September 30, compared with Rs 4.62 lakh crore in the year-ago quarter. AUM increased by Rs 37,800 crore during the July-September period, while the company’s deposit book stood at Rs 69,750 crore. Ahead of the release of its provisional business update, the company’s board had approved a fund-raising plan of nearly Rs 18,000 crore. The plan includes Rs 11,700 crore through a qualified institutional placement and Rs 5,800 crore through preferential warrants to promoter Bajaj Finserv. Meanwhile, global brokerage JPMorgan retained its ‘Overweight’ rating on Bajaj Finance and raised its price target to Rs 1,310 from Rs 1,295 earlier. The revised target implies an upside potential of more than 38 percent from the previous session’s closing price.