Bajaj Finserv share price on Tuesday hit a 52-week high of Rs 16,590.15, up by almost 9 percent intra-day. Bajaj Finance share jumped more than 4 percent to scale a new high of Rs 7,046.80 in intra-day trade on August 24.
Bajaj Finance and Bajaj Finserv were among the top gainers in trade today. Bajaj Finserv share price on Tuesday hit a 52-week high of Rs 16,590.15, up by almost 9 percent intra-day. Bajaj Finance share jumped more than 4 percent to scale a new high of Rs 7,046.80 in intra-day trade on August 24.
CNBC-TV18’s Abhishek Kothari reports that 70 percent of value of Bajaj Finserv is derived from Bajaj Finance and both these companies have been active on the tech side of their business, especially with financial apps that they have been developing.
Meanwhile, Bajaj Finserv said it has received in-principle approval from the Securities and Exchange Board of India (SEBI) for setting up a mutual fund (MF) today.
“Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws,” Bajaj Finserv’s disclosure on exchanges read.
The entry of Bajaj Finserv is likely to add to the competitiveness in the industry, which already has 42 MFs. While a large chunk of the market share (57.85 percent of investor assets) is controlled by the top five fund houses, a new entrant such as Bajaj Finserv can gradually gain a solid footing given its wide distribution reach.
Also, Bajaj Finserv is scheduled to launch its app in September 2021 and Bajaj Finance too intends to launch couple of apps by October 2021.
According to Kothari, the market is now looking at these two companies as financiers as well as fintech players. With Paytm IPO likely to hit the street soon, the market is assuming some value to Bajaj’s fintech play as well.
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