The stock hit a fresh 52-week high of Rs 1,741 on December 15, 2023, but failed to hold on to the momentum. It slipped below the 50-DMA in February on the daily chart but found some support above the 200-DMA. It is also trading in a 15-year-old Rising Channel pattern on the monthly charts. The recent selloff pushed the stock towards the support zone of the channel. Hence, a technical bounceback could be on the cards.
Against the backdrop of upbeat macroeconomic conditions, Bajaj Finserv said its subsidiaries recorded a strong operating performance in the second quarter. Bajaj Finance, in which Bajaj Finserv holds a 52.4% stake, recorded 28% growth in its consolidated net profit at Rs 3,551 crore, led by robust AUM growth, higher net interest income, and better asset performance.
The company will issue 15,50,000 warrants on a preferential basis to promoter Bajaj Finserv, and this will be convertible into the equivalent number of shares. The warrants can be converted into equity shares within a period of 18 months from the date of allotment.