Bajaj Finance Stock Surges 8% to 52-Week High on Strong Q1 Business Growth
- Bajaj Finance Reports Robust Q1 Performance with 34% Loan Growth
- Shares of Bajaj Finance reached a 52-week high, rising 8% on the BSE, driven by the company’s impressive Q1FY24 results. The number of new loans booked during the quarter increased by 34% to 9.94 million.
Bajaj Finance Assets Under Management (AUM) Soar 32% in Q1FY24
Assets under management grew by 32% to around Rs 2.7 trillion at the quarter’s end.
The company achieved its highest-ever quarterly increase in AUM, recording approximately Rs 22,700 crore in Q1FY24.
Strong Customer Franchise Expansion in Q1FY24
The non banking finance company experienced a substantial increase in its customer franchise, which stood at 72.98 million as of June 30, 2023. Bajaj Finance achieved its highest ever quarterly increase in customer franchise, adding 3.84 million in Q1FY24.
Finance Stock Soars on Positive Ratings Upgrade
S&P Global Ratings recently upgraded, citing the company’s strong earnings, improved asset quality, and favorable operating conditions. The ratings agency foresees Indian financial institutions benefiting from a positive economy, while projecting Bajaj Finance to maintain its market position and strong capital level for the next two years.
Well-Positioned to Handle Economic Factors
S&P Global Ratings affirms Bajaj Finance’s ability to absorb the impact of higher inflation and interest rates in India. The company’s underwriting standards and mass-affluent borrower base mitigate risks tied to its unsecured consumer lending portfolio. The stable outlook reflects the expectation of Bajaj Finance maintaining a strong market position, healthy capital level, and sufficient liquidity and funding profile in the future.
In summary, Bajaj Finance’s stock surged to a 52-week high following its strong Q1FY24 performance, marked by substantial loan growth, increased assets under management, and expanding customer franchise. The company also received a positive ratings upgrade, affirming its ability to navigate economic factors and maintain a strong market position. please rewrite it in short with active voice