Bajaj Corp

Shares of Bajaj Finserv on Thursday zoomed over 10 per cent after the company reported a 57 per cent jump in net profit in the June quarter. The stock rallied 10.14 per cent to Rs 14,652.30 apiece on the BSE. During the day, it climbed 11.08 per cent to Rs 14,777.85. On the NSE, it advanced 10.09 per cent to Rs 14,650 apiece. The company's market valuation also jumped Rs 21,681.19 crore to Rs 2,33,383.19 crore on the BSE. On Thursday, Bajaj Finserv reported a 57 per cent jump in net profit at Rs 1,309 crore in the first quarter ended June, on healthy earnings by its subsidiary companies. In the year-ago period, the company had posted a net profit of Rs 833 crore. Company's consolidated total income during April-June period of 2022-23 was up 14 per cent to Rs 15,888 crore, Bajaj Finserv said in a regulatory filing.

The company has 3.7 million retail outlets serviced by 9,695 distributors and 22,317 wholesalers

The stock dipped 7% to Rs 397 on BSE after Ebitda margin contracted 381 bps to 32.96% in Q4FY17

Inexpensive valuations capture the slow rural growth even as urban demand improves in Sep quarter

However, the shares of the comapny were trading 1.09 per cent lower at Rs 396.10 apiece on BSE

Move comes as larger hair oil category continues to see slowdown pressures as rural and urban growth remain tepid