The share price of Bajaj Finserv rose 3 percent on Thursday after the firm reported a rise in its total income in the September quarter earnings.
The stock rose as much as 2.9 percent in intra-day deals to Rs 6,079 per share on BSE. However, it later pared some gains and was trading around 0.8 percent higher at 10:45 am. In comparison, the Sensex was down 0.3 percent or 132 points at 40,575.
The Street was positive as its total income (consolidated) rose 5.8 percent to Rs 15,051.59 crore in the quarter under review compared to Rs 14,224.22 crore in the year-ago period.
The firm, however, reported an 18 percent fall in its consolidated net profit to Rs 986.29 crore in Q2, as group entities suffered a contraction in profits. The company had posted a net profit of Rs 1,203.72 crore for the July-September quarter a year ago.
Bajaj Finserv is the holding company of financial services firms of the Bajaj group.
The financial statement by BFS included results of eight entities, including Bajaj Allianz Life Insurance Co Ltd (74 percent stake of the parent firm), Bajaj Allianz General Insurance Co Ltd (74 percent) and Bajaj Finance Ltd (52.74 percent).
Bajaj Finance reported a 36 percent decline in net profit to Rs 965 crore during the September quarter of FY21, Bajaj Allianz Life Insurance witnessed a 53 percent fall in net profit to Rs 98 crore, and Bajaj Allianz General Insurance posted a 13 percent rise at Rs 332 crore.
"With month-on-month growth being witnessed after the process of unlocking started, we are looking forward to the second half with greater optimism," the company said post the earnings.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Himachal Pradesh Lok Sabha elections: A look at key issues in the state
May 27, 2024 5:02 PM
Jammu and Kashmir witnesses highest poll participation in 35 years
May 27, 2024 3:03 PM
LIVE: INDIA bloc leaders likely to meet on June 1 to assess Lok Sabha poll performance
May 27, 2024 2:58 PM
Betting markets expect 310 seats for the BJP, says Raamdeo Agrawal
May 27, 2024 2:25 PM