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| Item Details | Price | ||
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Stock name: Bajaj Finance
Pattern: Breaking all resistances
Time frame: Daily
Observation: The stock is always in an uptrend! However, since September 2021, this stock also started falling with the broader markets and eventually fell below the 200 days moving average, which is considered to be bearish. The stock picked up momentum in the last one month, being 35% up in the last 30 days! Today, the stock has even crossed the 200 SMA with extraordinary volumes, on the back of good results. If the stock sustains above 7000 levels, we could see further upside in this counter.
You may add this to your watchlist to understand further price action.
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) Q1 FY23 result update: Bajaj Finance:
Revenue up by 8% and PBT up by 7.3% on QoQ basis.
GNPA stood at 1.25% as against 1.60% in the last quarter.
In Q1, the Company added 2.73 MM new customers to the franchise, highest ever customer franchise addition in a quarter.
Company is on track to go fully digital across all products and services on app (January 2023) and web (March 2023).
The Company launched its non-captive two-wheeler financing business on 6 July 2022. The product offers consumers a full stack two-wheeler marketplace, pre-approved limit for 30 MM customers and full suite of point-of-sale capabilities.
2) Q1 FY23 result update: Bajaj Finserv:
Revenue declined 16% QoQ and PBT up by 4%.
Also, it has announced stock split along with issuance of bonus shares for its shareholders. The company’s board has approved the sub-division of equity shares in 1:5 ratio, which means each share of Bajaj Finserv will be split into five shares. The company has also announced issuance of bonus shares in the ratio of 1:1. The bonus shares will be issued after the stock split.
3) Union Cabinet has approved revival package of over Rs 1.64 Lakh crore for Bharat Sanchar Nigam (BSNL). It has also approved the merger of Bharat Broadband Network and BSNL.
Revival measures focus on infusing fresh capital for upgrading BSNL services, allocating spectrum, de-stressing its balance sheet, and augmenting its fiber network by merging Bharat Broadband Nigam Limited (BBNL) with BSNL. With these measures, BSNL will be able to improve the quality of existing services, roll out 4G services and become financially viable. It is expected that with the implementation of this revival plan, BSNL will turn-around and earn profit in FY 2026-27.
4) 3i Infotech, Andhra Paper, Asahi India, Ashok Leyland, CARE, Cartrade, Cipla, Dalmia Sugar, Deepak Fertilisers, DLF, Dwarikesh Sugar, Easy trip, Emami, Exide Inds., Fineotex chemicals, GE Shipping, GMR Infra, HDFC, Heritage foods, IOC, JK Paper, LT foods, Morepen labs, Nazara, NTPC, Piramal Entreprises, Rain Industries, Route mobile, Star health, Sun pharma, Sundaram, Tips industries, VST, Zee Media and Zydus wellness are amongst the companies that will be declaring their results tomorrow.