Bajaj Finance shares have seen a rise of up to 7 percent in Friday’s trading session. The reason for the rise in shares was the removal of ban by RBI on the company’s two big products Ecom and Online Digital Insta EMI Card.
Big rise in shares
As soon as the market opened, Bajaj Finance shares touched the level of Rs 7,400 with a rise of 7.54 percent today. At the same time, Bajaj Finserv shares have seen a rise of 6 percent. Non-banking finance company Bajaj Finance has said that after the removal of restrictions by RBI, we can now easily give loans in these two categories.
Bajaj Finance in its exchange filing on Thursday said the RBI has conveyed its decision to remove the said restrictions on eCOM and online digital ‘Insta EMI Cards’ with immediate effect, based on the remedial actions taken by the company.
Action was taken against the company in November
Banking regulator RBI had on November 15, 2023, ordered Bajaj Finance to stop sanctioning and disbursement of loans under its two loan products ‘Ecom’ and ‘Insta EMI Card’ with immediate effect. Analysts believe that although the removal of these restrictions by RBI is on expected lines, the relief within less than 6 months not only comes as a positive surprise but also helps the company management to quickly correct when needed. Also supports the capability of.
The company made a profit of Rs 3,825 crore
Bajaj Finance has reported a profit of Rs 3,825 crore in the fourth quarter of FY 2023-24. The company’s profits have registered an increase of 21 percent on an annual basis. During this period, the company’s income has increased to Rs 14,932 crore as compared to Rs 11,368 crore in the same quarter last year.
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