Bajaj Fin bounces back

One stock which is buzzing loud and clear today is Bajaj Finance. It has outperformed the sector by 4%, going up to an intraday high at Rs.3624.05, rising over 6%. Its 52-week high is at Rs.3,761.35.

Yesterday, the stock had tanked 8% to Rs.3405, its sharpest intra-day fall in over five months on the BSE on slowdown concerns. So promptly today morning, we get a quarterly update from the company, quelling these concerns.

The company said that for Q1FY20:

Customer franchise as of June 30, 2019 stood at approximately 36.9 MM as compared to 28.3 MM as of June 30, 2018. During the quarter, the company acquired 2.5 MM new customers.

New loans booked during Q1 FY20 was 7.3 MM as compared to 5.6 MM in Q1 FY19.

Assets under management (AUM) stood at approximately Rs. 129,000 crore as of June 30, 2019 as compared to Rs.91,287 crore as of June 30, 2018 and Rs.115,888 crore as of March 31, 2019.