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Bajaj Finserv surges nearly 14% on Berkshire deal

Bajaj Finserv surges nearly 14% on Berkshire deal
PTI
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First Published: Thu, Mar 03 2011. 10 42 AM IST
Updated: Thu, Mar 03 2011. 10 42 AM IST
Mumbai: Shares of Bajaj Finserv spurted by nearly 14% in early trade on the Bombay Stock Exchange (BSE) on Thursday, bolstered by Berkshire Hathaway’s deal with the company’s unit - Bajaj Allianz General Insurance.
US-based Berkshire Hathaway on Wednesday said it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
Defying the bearish broader market sentiment, Bajaj Finserv’s shares shot-up by 13.72% to touch a one-month high of Rs499.90 on the bourse.
In a similar fashion, the stock zoomed up by 15.88% to an early high of Rs512.05 on the National Stock Exchange (NSE).
The move would mark the maiden foray of Berkshire Hathaway into the Indian market.
As part of its planned India entry, the conglomerate led by billionaire Warren Buffett has incorporated Berkshire India to sell and distribute general insurance products in the country.
Meanwhile, the BSE benchmark Sensex was trading 151.37 points lower at 18,295.13 at 1015 hrs.
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First Published: Thu, Mar 03 2011. 10 42 AM IST