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Bajaj Finance share gains over 3% on likely Covid-19 provisions for Q1

Share price of Bajaj Finance gained 3.39% to Rs 3214 compared to the previous close of Rs 3,109 on BSE

twitter-logoBusinessToday.In | July 7, 2020 | Updated 11:09 IST
Bajaj Finance share gains over 3% on likely Covid-19 provisions for Q1
Share of Bajaj Finance has lost 14.04% during last one year and fallen 24.52% since the beginning of this year

Bajaj Finance share price gained in early trade today after the company said it may consider additional accelerated provisioning for Covid-19 in the first quarter of fiscal year 2021 to further strengthen its balance sheet. This signals that the firm recognises more risks to its business model in Q1 due to Covid-19 related stress.

Share price of Bajaj Finance gained 3.39% to Rs 3214 compared to the previous close of Rs 3,109 on BSE. Bajaj Finance saw 2.54 lakh shares changing hands amounting to turnover of Rs  80.59 crore in today's trade.

The stock which is the only player from the NFBC sector on Sensex has risen 7.99% in two days. The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

Share Market LIVE: Sensex, Nifty erase gains; Bajaj Twins, Infosys major gainers

Share of Bajaj Finance has lost 14.04%  during last one year and fallen 24.52% since the beginning of this year. In one month, the stock has gained 33.59%. Market cap of the firm fell to Rs 1.91 lakh crore.

The stock is up 13% in a week. AUM under moratorium has reduced from 27% as of 30 April 2020 to approximately 15.5% as of 30 June 2020 which means that more borrowers have returned to the mode of normal EMI payment.

Deposits in the June quarter rose to Rs 20,000 crore as of 30 June 2020 compared to Rs 15,084 crore as of 30 June 2019.

Stocks in news: Suzlon, Bandhan Bank, HUL, Godrej Consumer, PVR, Bajaj Finance

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