Mumbai: Rahul Bajaj led-Bajaj Auto listed at Rs945 while Bajaj Finserv at Rs700 on the Bombay Stock Exchange (BSE) following the demerger of Bajaj group last year.
The scrip of Bajaj Auto opened at Rs945, which was also its intra-day high, while shares of Bajaj Finserv opened at Rs700 and rallied further to touch a high of Rs999 in the early morning trade on the BSE.
Similar movements were witnessed on the National Stock Exchange where Bajaj Auto scrip opened at Rs898 while Bajaj Finserv opened at Rs600.
The scrip of Bajaj Auto was later trading at Rs653.80 on the BSE and at Rs661.70 on the NSE. While shares of Bajaj Finserv were trading at Rs599 on the BSE and Rs597 on the NSE at 1030 hours.
Over 17.87 lakh shares of Bajaj Auto and 11.79 lakh shares of Bajaj Finserv changed hands on both the bourses.
Last year Bajaj group was demerged into three separate entities - Bajaj Auto Ltd, Bajaj Finsev and Bajaj Holdings and Investment Ltd.
While Bajaj Holdings and Investment Ltd would administer the two and three-wheeler manufacturing business, Bajaj Finserv Ltd would be responsible for the company’s financial services business including insurance and auto finance.
Further, for 2007-08, Bajaj Auto board has declared a dividend of 200% at the rate of Rs20 on shares with face value of Rs10, while Bajaj Finserv has declared a dividend of 20% on shares of face value Rs5.