Equity Alert: Bajaj Auto, Bajaj Finserv down from listing price

[K.Karthik Raja]

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Equity Alert: Bajaj Auto, Bajaj Finserv down from listing price
MUMBAI--11:25AM--Shares of Bajaj Auto, and Bajaj Finserv were
trading down
29% and 6.5% respectively from their listing prices on NSE.
Bajaj Auto listed at 898 rupees and was trading at 640 rupees,
while Bajaj
Finserv that listed at 600 rupees was trading at 561 rupees.
A dealer said he prefers Bajaj Finserv to Bajaj Auto as its
business is more
diversified, but expects both the shares to remain sluggish in the
near-term.
Bajaj Finserv's Managing Director Sanjiv Bajaj said he sees a
strong growth
rate for the life insurance business, and would decide on a mutual
fund foray by
October.
The erstwhile Bajaj Auto was demerged into three new entities
Bajaj Holdings
& Investments, new Bajaj Auto, and Bajaj Finserv.
The new Bajaj Auto focuses on the automotive business, while Bajaj
Finserv
is engaged in wind energy generation, insurance, and finance
businesses.
So far today, 1.45 mln Bajaj Auto shares and 904,296 Bajaj Finserv
shares
have been traded on NSE. The stocks are not traded in the futures and
options
segment.