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Bajaj Finserv shares close 5.5% higher on stock split plan

Bajaj Finserv shares close 5.5% higher on stock split plan

Bajaj Finserv stock climbed up to 7.43 per cent to 13,547.1 against the previous close of Rs 12,610.65 on BSE.

Bajaj Finserv stock trades higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages. Bajaj Finserv stock trades higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

Shares of Bajaj Finserv were the top gainers on Sensex and Nifty today after the firm said its board of directors would on Thursday consider the proposal for a stock split of equity shares.

Bajaj Finserv stock climbed up to 7.43 per cent to 13,547.1 against the previous close of Rs 12,610.65 on BSE. The large cap stock opened with a gain of 3.49 per cent at Rs 13,051.  Later, the stock closed 5.58 per cent higher at Rs 13,314 on BSE. Bajaj Finserv stock stands higher than 5-day, 20-day and 50-day moving averages but lower than 100-day and 200-day moving averages.

In a year, the stock is down 5.31 per cent and has fallen 21.86 per cent in 2022.

Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 17.13 crore on BSE. The market cap of the lender stood at Rs 2.04 lakh crore on BSE.

The stock hit a 52-week low of Rs 10,777 on July 1, 2022 and a 52-week high of Rs 19,320 on October 19, 2021.

On Nifty, shares of Bajaj Finserv ended 5.33 per cent higher at Rs 13,292 against the previous close of Rs 12,619.55 amid a weak broader market.  

Sensex slipped 333 pts to 55,433 and Nifty was down 96 pts to 16,534 in early trade.

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Bajaj Finserv said, "The proposal will be taken for approval by the board of directors for sub-division of equity shares of the company of face value of Rs 5 each on July 28, 2022."

The firm will also consider the proposal of issue of fully-paid bonus equity shares to the shareholders.

Bajaj Finserv will also announce its June quarter earnings on the same day.

In the fourth quarter of previous fiscal, Bajaj Finserv said its consolidated net profit rose 37.48 per cent to Rs 1,346 crore against profit of Rs 979 crore posted in the corresponding quarter last year.

Net revenue for that quarter rose 22.58 per cent to Rs 18,862 crore from Rs 15,387 crore in the same quarter last year.

The board of directors also recommended a dividend of Rs 4 per share.

Bajaj Finserv is a holding company for various financial services businesses. The company is engaged in the business of promoting financial services such as finance, insurance, and wealth management, through its investments in subsidiaries and joint ventures. It is also engaged in the business of generating power through wind turbines, a renewable source of energy. Its segments include life insurance, general insurance, windmill, retail financing, and investments and others.