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MUMBAI : Shares of Bajaj Finserv Ltd on Monday crossed the 3 trillion market capitalization for the first time, making it the 18th Indian firm to achieve the milestone.

Intraday, the stock touched a new high of 19,107.45 on the BSE, up 3.35% from its previous close, with an market cap of 3.04 trillion. However, at closing the stock erased half its gains and ended below the 3 trillion market cap. The scrip settled at 18,674 on the BSE, up 1.01%. The Sensex rose 0.75% to 61,765.59.

So far in October, Bajaj Finserv’s stock has gained 7%, while year-to-date it has advanced 114%. Earlier, Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank, Infosys Ltd, Hindustan Unilever Ltd, HDFC Ltd, ICICI Bank, Bajaj Finance, State Bank of India, ITC Ltd, Kotak Mahindra Bank, Bharti Airtel Ltd, ONGC, Wipro, HCL Technologies, Avenue Supermarts Ltd and Asian Paints Ltd had achieved this landmark.

Bajaj Finserv saw a muted performance due to the severe impact of lockdowns imposed during the second wave of covid-19 and higher reinsurance ceded in the insurance business in the first quarter of FY22. The non-banking financial company (NBFC) is expected to recover with normalcy in economic activities and has undertaken technological initiatives that augur well for the next stage of growth. Covid-related claims continue to be a concern for next few quarters, analysts say.

Underlying metrics however remain steady: better exit month collections and sustained improvement thereof; growth in preferred general insurance segments; and strong growth in new individual life insurance business, despite lockdowns. Recently, Bajaj Finserv got an in-principle approval from the Securities and Exchange Board of India for sponsoring a mutual fund.

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