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Bajaj Finance hit Rs 4-trillion in market capitalization (market cap) after its shares touched a record high of Rs 6,640.80, up 3.6 per cent on the BSE in intra-day trade on Wednesday. The stock surpassed its previous high of Rs 6,475, touched on August 4, 2021.
In the morning, with its Rs 4.001 trillion market cap, Bajaj Finance currently stands in eighth place in the overall market cap ranking of companies, according to the data from the Bombay Stock Exchange (BSE).
Bajaj Finance is now the fourth financial firm having a market cap of over Rs 4 trillion. HDFC Bank is on the top of the list, with an Rs 8.50 trillion market cap, followed by Housing Development Finance Corporation (HDFC) (Rs 4.96 trillion) and ICICI Bank (Rs 4.84 trillion), data shows.
Bajaj Finance focuses on six broad categories are consumer lending, SME lending, commercial lending, rural lending, deposits, and partnerships and services.
In the past week, the stock of Bajaj Finance has outperformed the market by gaining 8 per cent on hopes that B2B and auto finance businesses will do much better with the reopening of the economy. In comparison, the S&P BSE Sensex was up 2.8 per cent during the same period.
B2B and auto finance businesses were most affected due to strict lockdowns in the majority of states. These businesses delivered 70 per cent of their planned volumes in April 2021 as multiple states started imposing lockdowns from the middle of that month, Bajaj Finance had said in a mid-quarter update on June 4. The company further said it had taken several actions to reduce its operating expenses and cost of funds to mitigate the financial impact caused by lower AUM growth partially.
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