Bajaj Finance Shares Spike 4% To Hit 52-Week High, What’s Fuelling The Rally?

Bajaj Finance Share Price Today: Shares of Bajaj Finance surged over 4% to hit a 52-week high mark of Rs 9,070 per share on BSE on Friday after the non bank lender announced Anup Kumar Saha as the successor of present Bajaj Finance Managing Director, Rajeev Jain.

Anup Kumar Saha will take over as Bajaj Finance Managing Director from 1 April 2025, whereas existing MD Rajeev Jain will take over as the Vice Chairman of Bajaj Finance.
"Rajeev Jain whose existing tenure as Managing Director ends on 31 March 2025, as Vice Chairman in the capacity as an Executive Director for a period of 3 years with effect from 1 April 2025," the company said in its stock exchange filing on Thursday.

Bajaj Finance share price today

Bajaj Finance's share price was trading 3.44% higher at Rs 8978 apiece on BSE at 1 pm. The company's stock market capitalisation stood at Rs 5,56,528.27 crore. The company hit its 52-week-low mark of Rs 6,376.55 per share on 4 June 2024. The company's stock value has increased by 28% year to date (YTD), and by 33% in last one year.
Bajaj Finance Leadership change
Anup Kumar Saha joined Bajaj Finance in 2017 and has over 25 years of experience in the financial services industry. He has also served 14 years with ICICI Bank and 11 years with non-bank entities, reported Reuters.

Morgan Stanely has seen Jain's elevation to a senior position in Bajaj Finance as a positive development, reported Reuters. The firm has highlighted that the development is likely to bring cheers among investors hence fuel the stock rally in coming days.
According to Reuters, the brokerage cautioned that if he were to move only to a position at the holding company, Bajaj Finserv, the stock could see a downside of 5% to 8%. Jain had said in January that he intended to remain with Bajaj Finance and be actively involved in shaping its strategy.

Bajaj Finance share price outlook

Bank of America Securities has raised Bajaj Finance share price target to Rs 10,500 while sticking to its previous recommendation of "buy" on the stock, reported CNBC TV 18 on Monday.
As per the report, at least three analysts have recommended Bajaj Finance stock and expect that the stock price will cross levels of Rs 10,000 per share. Despite rallying significantly over the past few months and touching a fresh high mark on Friday, the stock still carries 'buy' ratings, according to consensus recommendation based on evaluation by 32 analysts by Trendlyne on Friday.

Trendlyne's analysis of Bajaj Finance stock also indicated that the stock is in the Buy Zone according to its historical P/E and shows bullish momentum. The company has a fixed share price target of Rs 8664.82 per share that can reach up to Rs 10,020 per share.

Earlier this week, Bajaj Finance's parent company Bajaj Finserve, approved a major acquisition of Allianz SE's entire 26% stake in their joint insurance ventures- Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). Completion of the acquisition will pave the way for Baaj Finserve to complete ownership of the insurance business and mark an end to 24-year partnership with Allianz.