India's Bajaj Finance jumps on strong asset growth

By Reuters News

Oct 5 (Reuters) - Shares of Bajaj Finance BJFN.NS rose as much as 5% on Monday after the Indian non-bank lender said its assets under management grew by more than a quarter, raising hopes of an upgrade of its full-year guidance.

Bajaj Finance's assets under management stood at around 5.85 trillion rupees ($60.79 billion) as of September 30, the company said on Saturday. JP Morgan said the growth in assets was "impressive" despite a late start to the festive season.

The asset growth was highest in seven quarters, Jefferies said, adding that Bajaj Finance stays among its top picks with a "Buy" rating.

Citi said growth was running well ahead of the full-year guided range of 22% to 24%. JP Morgan, Citi and Morgan Stanley are expecting an upgrade in the full year growth guidance.

Bajaj Finance shares have fallen 1% so far this year against a 14% decline for the benchmark Nifty 50 .NSEI.

The shares were last trading 2.8% higher at 974.90 rupees at 11:47 a.m. IST, on course to snap a four-session losing streak.



($1 = 96.2350 Indian rupees)

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