On Tuesday, Bajaj Finance becomes the second non-banking finance company (NBFC) to enter the Rs 2 Crore market-cap club after its stock hits an all-time high.
After shares of Bajaj Finance Ltd rose by over 2 percent to a new 52-week high of Rs 3,484.90 a piece on BSE, the NBFC's market cap stood at Rs 2.01 trillion. Overall, it ranks at the 14th position of companies listed on the Indian stock exchanges with a market capitalisation (market cap) higher than Rs 2 trillion.
Housing Development Finance Corporation Ltd (HDFC) is the biggest NBFC in India in terms of market cap at Rs 3.70 trillion.
In 2019, shares of Bajaj Finance rallied nearly 30 percent. Surging for the fifth consecutive session on Tuesday, the NBFC's share value has more than doubled from Rs 1,702 on BSE in 14 months.
Following the company reported strong quarterly earnings for March 2019, investors continued to buy the stock. It reported a 50 percent growth in profit on a year-on-year basis to Rs 1,114 crore with robust net interest income (NII) growth and stringent cost controls. NII was reportedly 41 percent higher at Rs 3,271 crore.
Bajaj Finance's assets under management (AUM) rose 41 percent to Rs 1.16 trillion with gross non-performing assets (NPAs) and net NPAs at 1.54 percent and 0.63 percent, respectively for the March ended quarter.