Bajaj Finance shares jump 5%, halt 3-day losing run; Bajaj Finserv up 3%

Shares of Bajaj Finance surged more than 5 per cent in Monday’s trade, pausing their losing run of three straight sessions. The stock jumped 5.39 per cent to hit a day high of Rs 6,066.05 over its previous close of Rs 5,756.

JM Financial Institutional Securities has assigned a ‘Buy’ call on the counter with a target price of Rs 8,000.

“In Q3 FY23, Bajaj Finance delivered healthy profit after tax (PAT) of Rs 2,970 crore (40 per cent YoY/7 per cent QoQ), notwithstanding a tad softness in AUM growth (27 per cent YoY/6 per cent QoQ). We see no challenges to growth opportunities as it begins selling existing products at a higher number of physical locations, drives digital penetration in the existing customer base and enters newer categories,” the brokerage stated.

Pavitraa Shetty from Tips2trades said, “Excellent Q3 FY23 results comfortably beating Street estimates has led to a sharp uptrend in Bajaj Finance today. A daily close of above Rs 5,935 level could lead to targets of Rs 6,145-6,460 in the near term. Support will be at Rs 5,770.”

Around 74,000 shares changed hands today on BSE, which was higher than Bajaj Finance’s two-week average volume of 40,000 shares. Turnover on the counter stood at Rs 44.31 crore, commanding a market capitalisation (m-cap) of Rs 3,65,534.86 crore.

The stock was last seen higher than 5-day moving averages but lower than 20-day, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 45.86. A level…