Bajaj Finance share increases almost 11% in a day and overtakes LIC share in market cap.

Bajaj Finance increases 11% in a day.

Bajaj Finance share increases almost 11 in a single day and overtakes LIC in market.

This year has been volatile for the stock markets. The recent recovery has taken the Nifty beyond 17000. This recovery in the stock markets has made some winners stand out. Bajaj Finance increased almost 11% on Thursday, 28th July, to close at Rs 7076.3. The stock increased by Rs 669 to close at Rs 7065.5 on the NSE. The market capitalization of the stock has gone to Rs 4,28,419 crores. 

With the recent increase in the stock price, the stock is now valued as the 8th largest company in India. It has overtaken LIC to take this spot. LIC, which was listed this year, has been falling on the bourses. 

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Why is Bajaj Finance stock increasing?

Bajaj Finance, founded in May 2007, has had a spectacular return on the stock markets. It has been a great multi-bagger investment for its investors. The CEO of the company is Sanjiv Bajaj. The recent quarterly results of the company were good, and the stock increased on the back of those strong results.

The company’s profit increased 159% in the first quarter to Rs 2,596 crores from Rs 1,002 crores. As per the experts, the results of the company were good, and the company seems to have bounced back from the covid-related downturn.

The parent company, Bajaj Finserv, has also given similar returns. The stock increased almost 10% on Thursday to close at Rs 14,652.30. The company has a market capitalization of almost Rs 2.33 Lakh crores.

As per the experts, the share price of Bajaj Finance can go to Rs 7,600, and the stock price of Bajaj Finserv can go to Rs 15,400. If history is an indicator, both the stocks have given very high returns in the long run, and the Bajaj Twins are a favourite of investors looking for long-term investments. The companies seem to have gone past the covid-related uncertainties and might give good returns from here on.

LIC, on the other hand, has lost Rs 1.21 Lakh crores since its listing. The firm is losing on the bourses with the investors not impressed by this PSU. The company has a market capitalization of Rs 4.26 lakh crores, and it is the ninth most valuable company in India. The LIC owns almost 4% of the Indian stock markets and 2% of the Indian bond markets. If the market increases or falls, the impact on LIC is very direct because of the ownership in the Indian stock and bond markets.

Related: This stock went from Rs 39 to Rs 104 in just 21 days!

Bajaj Finance and its parent company Baja Finserv increased more than 10% on Thursday, 28th July, after a splendid performance in the first quarter. The company seems to have gone past the pandemic-related uncertainties, and the company can give good returns from here. If history is an indicator, then the stock has been an investor favourite, and it has given splendid returns to the investors.

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