Shares of Bajaj Finance continued to make gains for the sixth straight session on Tuesday as the company posted its business updates for the quarter ended June.

What Happened: As of June 30, 2023, the non-banking financial company’s deposit book reached around ₹49,900 crore, reflecting a year-on-year growth of 46% from ₹34,102 crore on June 30, 2022.

During the first quarter of FY24, new loans recorded a growth of 34%, with 9.94 million loans booked compared to 7.42 million loans in the first quarter of the previous financial year.

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The assets under management (AUM) saw a 32% growth, amounting to approximately ₹2.7 lakh crore on June 30, 2023, compared to ₹2.04 lakh crore on June 30, 2022. The company achieved its highest-ever quarterly increase in AUM, with an addition of approximately ₹22,700 crore during the quarter ended June.

Analysts’ Reactions: The company’s numbers also impressed analysts. BofA Securities maintained its “buy” rating for the stock raising the price target to ₹8,700 from ₹8,130. The firm noted that the company was off to a good start this new financial year with impressive growth in AUM.

Morgan Stanley also maintained its “overweight” rating for the stock with a price target of ₹9,250 – indicating an over 25% upside from the stock’s last closing price of ₹7,338. The firm said that the strong growth in AUM should dispel worries about loan growth.

Price Action: Bajaj Finance’s share price was up 7.72% to trade at ₹7,899 as the markets opened on Tuesday. Shares of the company rocketed over 8% to hit a new 52-week high of ₹7,918.

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