Bajaj Finserv shares erase early gains, close lower

The company on Tuesday reported a 44 per cent rise in consolidated net profit at Rs 1,215 crore in the first quarter ended June of the current fiscal year, mainly on the back of good earnings from its insurance subsidiaries. The Bajaj Group company's financial services arm had posted a net profit of Rs 845 crore during the corresponding June quarter of 2019-20.

Shares of Bajaj Finserv on Wednesday erased all of its early gains and closed the day lower on profit-booking. During the morning trade, the scrip had risen by over 3 per cent after the company reported a 44 per cent rise in consolidated net profit in the first quarter ended June. The stock, which gained 3.56 per cent to Rs 6,609 on the BSE during the day, wiped out the gains and closed at Rs 6,349.65, down 0.50 per cent.

On the NSE, it closed 0.38 per cent lower at Rs 6,360. During the day, it went up by 3.36 per cent to Rs 6,599. The company on Tuesday reported a 44 per cent rise in consolidated net profit at Rs 1,215 crore in the first quarter ended June of the current fiscal year, mainly on the back of good earnings from its insurance subsidiaries.

The Bajaj Group company's financial services arm had posted a net profit of Rs 845 crore during the corresponding June quarter of 2019-20. Consolidated total income rose 16 per cent to Rs 14,192 crore in the quarter under review from Rs 12,272 crore in the same quarter a year ago, Bajaj Finserv said.