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2025-03-21 11:58:03 am | Source: Reuters
India`s Bajaj Finance extends rally to record high on `smooth` top management succession
India`s Bajaj Finance extends rally to record high on `smooth` top management succession

 Shares of India's Bajaj Finance rose 3.5% on Friday to extend their record-high rally, a day after it elevated veteran leader and managing director Rajeev Jain to the post of vice chairman, which analysts termed a "smooth succession."

The non-banking financial company also announced present deputy MD Anup Kumar Saha will be replacing Rajeev Jain as MD.

"The move should allow Jain to stay involved in short- and mid-range planning at Bajaj Finance and investor engagements," Jefferies said in a note.

Smooth succession, healthy growth and improving asset quality will aid valuations, the brokerage said, adding that Bajaj Finance remains a top pick.

Bajaj Finance has risen 31% so far this year, and is the top gainer on the Nifty 50 index among 22 stocks in the green. Nifty 50 is down 1.9%.

The stock has been hitting record highs since January after posting strong third-quarter numbers and on expectations of continuing growth momentum.

Analysts, on average, rate Bajaj Finance at "buy," with the median price target at 8,896 rupees.

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