Bajaj Finance Shares Surge 1.7% As RBI's Repo Rate Hike Seems To Give Latest Push

Shares of Bajaj Finance jumped over 1.5% to reach Thursday's intraday high of ₹6,487.60 to continue its five-session gaining streak.

What Happened: Shares of the company that have jumped around 12% since the Q3 earnings results came out two weeks back, received fresh impetus yesterday when the RBI hiked the repo rate.

The central bank – in line with street estimates – hiked interest rates by 25 basis points to take the repo rate to 6.5%. After the announcement on Wednesday, the shares of the non-banking financial company jumped over 3% to close at ₹6,352.85.

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Brokerages have also remained positive on the stock as many see double figure upside from the current market price. Analysts at ICICI Direct, KRChoksey Research, and Axis Direct have a ‘buy' rating for the stock with a target price of ₹7,250, ₹8,030, and ₹7,400 respectively.

Price Action: Bajaj Finance traded 1.59% higher at ₹6454.05 at market close on Thursday.

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Posted In: bajaj financeICICI SecuritiesInterest RatesKRChokseylife insuranceloansRBI