Bajaj Finance Ltd Share Price – NSE  /  BSE

Finance, Mid Cap

The Indian equity indices ended near the flat line on Friday. The Nifty managed to close above the 22,500 level. Realty, private bank and bank stocks advanced while IT, media and auto stocks declined.

As per provisional closing data, the S&P BSE Sensex added 20.59 points or 0.03% to 74,248.22. The Nifty 50 index shed 0.95 points to 22,513.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 2,427 shares rose and 1,422 shares fell. A total of 99 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, gained 1.04% to 11.34.

RBI Monetary Policy Outcome:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted to keep the repo rate unchanged at 6.5%. This is the seventh time that the 6 member Monetary Policy Committee has decided to keep the key rates unchanged.

RBI's MPC at its meeting today, 5 April 2024, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2024-25 is projected at 7% with Q1 at 7.1%; Q2 at 6.9%; Q3 at 7%; and Q4 also at 7%. The CPI inflation for 2024-25 is projected at 4.5% with Q1 at 4.9%; Q2 at 3.8%; Q3 at 4.6%; and Q4 at 4.5%.

RBI Governor Shaktikanta Das elaborated on the decision, stating that inflation has decreased from its peak of 5.7%. He noted favorable growth-inflation dynamics and a steady decline in core inflation, reaching its lowest point in nine months. Despite volatile food inflation in February, core inflation, excluding food and fuel, has shown a downward trend. Concerns remain regarding the impact of weather variations on inflation and economic stability.

The minutes of the MPC’s meeting will be published on 19 April 2024. The next meeting of the MPC is scheduled during June 5 to 7, 2024.

IPO Update:

The initial public offer (IPO) of Bharti Hexacom received 1,15,49,64,798 bids for shares as against 4,12,50,000 shares on offer, according to stock exchange data at 15:35 IST on Friday (5 April 2024). The issue was subscribed 28 times.

The issue opened for bidding on Wednesday (3 April 2024) and it will close on Friday (5 April 2024). The price band of the IPO is fixed at Rs 542 to 570 per share. An investor can bid for a minimum of 26 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Bank index rose 0.90% to 48,493.05. The index advanced 1.99% in the three trading sessions.

AU Small Finance Bank (up 2.1%), Kotak Mahindra Bank (up 1.99%), IDFC First Bank (up 1.83%), HDFC Bank (up 1.47%), Federal Bank (up 1.34%), State Bank of India (up 0.87%), Punjab National Bank (up 0.85%), IndusInd Bank (up 0.51%), ICICI Bank (up 0.48%) advanced.

On the other hand, Bandhan Bank (down 0.18%), Axis Bank (down 0.07%) and Bank of Baroda (down 0.02%) edged lower.

Bandhan Bank shed 0.18%. The Bank’s total deposits rose by 25.1% to Rs 1,35,198 crore in the quarter ended 31 March 2024 from Rs 1,08,069 crore recorded in the quarter ended 31 March 2023.

Stocks in Spotlight:

Bajaj Finance declined 1.29%. The NBFC announced that its new loans booked increased by 4% to 7.87 million in Q4 FY24 as compared to 7.56 million recorded in Q4 FY23.

Hero MotoCorp rose 0.14%. The company has received assessment orders/ demand notices pertaining to six assessment years from the Income Tax Department. The company has received the orders / notices pertaining to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20.

LTIMindtree shed 0.27%. Aforza, the leading cloud and mobile solution specifically built for the Consumer Products industry, and LTIMindtree, announced a strategic partnership to deliver digital transformation in CRM & TPM across the consumer products industry.

Cipla declined 0.82%. The drug major said that the US drug regulator has issued Form 483, with six observations after inspecting its Patalganga manufacturing facility in Maharashtra.

Niyogin Fintech gained 2.65% after the company reported 90% increase in gross transaction value to Rs 11,034 crore in Q4 FY24 from Rs 5,817.8 crore recorded in Q4 FY23.

Kalyan Jewellers India rose 0.08%. The jewellery retailer said that its revenue jumped approximately 38% from India operations during Q4 FY24 as compared to Q4 FY23.

Macrotech Developers added 2.17% after the company said that it has recorded pre-sales of Rs 4,230 crore in Q4 FY24, recording a growth of 40% on a YoY basis.

Trident rose 0.76%. The company said that the credit rating agency CARE Ratings has reaffirmed the company’s long-term bank facilities at CARE AA” with 'stable’ outlook.

Sobha shed 0.39%. The company said that it has recorded total sales value of Rs 1,504 crore in Q4 FY24, up 2.77% from Rs 1,463.4 crore posted in Q4 FY23.

Global Markets:

European and Asian stocks declined on Friday, tracking overnight losses on Wall Street amid rate cut uncertainty, and sharp rise in crude oil prices.

Financial markets in Mainland China, and Taiwan are closed for Qingming Festival on Friday.

US stock indexes fell more than 1% on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's US monthly jobs report.

On Thursday, Minneapolis Fed President Neel Kashkari cast doubts on Thursday over the central bank cutting rates at all if inflation remained sticky.

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The new loans booked during the quarter were lower by 0.80 million on account of the restrictions placed by the RBI on the company, on sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’

Customer franchise as of 31 March 2024 stood at 83.64 million as compared to 69.14 million as of 31 March 2023. In Q4 FY24, the customer franchise increased by 3.23 MM.

Assets under management (AUM) jumped by 34% to approximately Rs 330,400 crore as of 31 March 2024 as compared to Rs 247,379 crore as of 31 March 2023. AUM in Q4 FY24 grew by approximately Rs 19,400 crore.

Consolidated net liquidity surplus stood at approximately Rs 15,700 crore as of 31 March 2024. The company said that its liquidity position remains strong.

The company’s deposits book stood at around Rs 60,100 crore as of 31 March 2024 as compared to Rs 44,666 crore as of 31 March 2023, a YoY growth of 35%.

Bajaj Finance is one of India’s leading and most diversified financial services companies. The company is mainly engaged in the business of lending. BFL has a diversified lending portfolio across retail, SME and commercial customers with a significant presence.

The NBFC reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.

Shares of Bajaj Finance shed 0.77% to Rs 7,226 on the BSE.

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The headline equity indices traded with minor losses in early trade. Investors were cautious ahead of the Reserve Bank of India's (RBI) policy decision later today. The Nifty traded below the 22,500 level. Pharma, PSU Bank and realty stocks were in demand while metal, IT and oil & gas shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 156.74 points or 0.20% to 74,074.71. The Nifty 50 index shed 36.30 points or 0.16% to 22,460.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index declined 0.05%.

The market breadth was positive. On the BSE, 1,580 shares rose and 1,178 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,136.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 893.11 crore in the Indian equity market on 4 April, provisional data showed.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on 3 April 2024 and will end today 5, April 2024. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched.

Stocks in Spotlight:

Bajaj Finance slipped 0.60%. The company’s Assets under management (AUM) grew by 34% to approximately Rs 330,400 crore as of 31 March 2024 as compared to Rs 247,379 crore as of 31 March 2023. AUM in Q4 FY24 grew by approximately Rs 19,400 crore.

Hero MotoCorp shed 0.49%. The company has received assessment orders/ demand notices pertaining to six assessment years from the Income Tax Department. The company has received the orders / notices pertaining to six assessment years, amounting to a tax demand of Rs. 308.65 crore and interest thereon of Rs. 296.22 crore. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20.

UltraTech Cement declined 0.64%. The company announced the completion of 100 MW solar energy project under the Group Captive scheme in the state of Rajasthan. This is the company’s first project for sourcing power for its captive consumption from the inter-state transmission network.

LTIMindtree shed 0.31%. Aforza, the leading cloud and mobile solution specifically built for the Consumer Products industry, and LTIMindtree, announced a strategic partnership to deliver digital transformation in CRM & TPM across the consumer products industry.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.03% to 7.096 as compared with previous close 7.094.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4325, compared with its close of 83.3900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.43% to Rs 69,404.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 104.33.

The United States 10-year bond yield rose 0.14% to 4.313.

In the commodities market, Brent crude for June 2024 settlement added 30 cents or 0.33% to $90.95 a barrel.

Global Markets:

Asian stocks were trading lower on Friday, tracking overnight losses on Wall Street amid rate cut uncertainty, and sharp rise in crude oil prices. Financial markets in Mainland China, and Taiwan are closed for Qingming Festival on Friday.

US stock indexes fell more than 1% on Thursday as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, and investors braced for Friday's US monthly jobs report.

On Thursday, Minneapolis Fed President Neel Kashkari cast doubts on Thursday over the central bank cutting rates at all if inflation remained sticky.

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Bajaj Finance will hold a meeting of the Board of Directors of the Company on 25 April 2024.

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