Bajaj Finance shares ros sharply on Friday to hit a record high, just a day after it promoted veteran leader and managing director Rajeev Jain to the post of vice chairman.
Shares of the non-banking financial company rose 3.5% in early trade to reach a day’s high of 9,070. At around 10:35 am, shares of the company were trading 2.43% higher at Rs 8,891.15 on the Bombay Stock Exchange (BSE).
Analysts reacted to the company’s move to elevate Jain, calling it “smooth succession.”
It may be noted that Bajaj Finance has also announced that present deputy managing director Anup Kumar Sinha will be replacing Rajeev Jain as new MD.
Brokerage firm Jefferies said in a note that the smooth succession plan will contribute to healthy growth.
“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, adding that smooth succession, healthy growth and improving asset quality will aid valuations.
So far in 2025, Bajaj Finance has gained over 28%, and it was the top gainer today on the stock exchanges. It is also worth noting that stocks have been hitting record highs since January after posting good third-quarter financial results.
On average, analysts remain positive and have a ‘buy’ rating on the stock.