Stocks of India’s largest Non banking financial corporation (NBFC) according to market cap rose by 1.31 percent after the company announced they are going to raise Rs. 10,000 crores.
At 11.05, 6th October shares of Bajaj finance Ltd were trading at Rs. 7,972.15 per share, up by 1.54 percent from previous closing price of Rs. 7850 per share.
Such bullish stock price movements are observed after the company announced through a regulatory filing on Bombay stock exchange (BSE) yesterday that the company is going to raise Rs. 10,000 crores.
Out of which Rs. 8,800 crores will be raised through Qualified Institutional Placements (QIP) and remaining Rs. 1,200 crores will be raised through preferential allotment to promoter Bajaj Finserv.
Looking at the financial statements, company’s revenue increased by 34.66 percent to Rs. 12,497.81 crores in Q1FY24 from Rs. 9,280.92 crores in Q1FY23, in the same time period net profit increased by 32.38 percent to Rs. 3,436.86 crores from Rs. 2,596.25 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 23.7 percent and return on capital employed (ROCE) of 11.76 percent.
Bajaj Finance Ltd is a wholly owned subsidiary of Bajaj Finserv Ltd. it is engaged in business of lending and accepting deposits across retail, SMEs and commercial customers with a significant presence in both urban and rural India.
Written by: Vinit Pravin Israni
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