Bajaj Finance surpasses Axis Bank in market-cap ranking

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Market News : Bajaj Finance, which hit a new high of Rs 2,330, up 3% on the BSE in late noon deal on Friday, has surpasses private sector lender Axis Bank in market capitalisation (market-cap) ranking.

At 02:37 pm; with market-cap of Rs 1,345.85 billion, Bajaj Finance, the non-banking finance company, overtook the Axis Bank, which has market-cap of Rs 1,340.18 billion, the BSE data shows. Axis Bank was trading 2% higher at Rs 522, as compared to 0.37% rise in the S&P BSE Sensex.

Thus far in the calendar year 2018 (CY18), Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex. Axis Bank has underperformed the market by falling 8% during the period.

Currently, Bajaj Finance stood at number 18 position in overall market-cap ranking, has climbed 11 positions thus far in CY18. It surpassed Power Grid Corporation, Asian Paints, Bharat Petroleum Corporation, UltraTech Cement, Vedanta, HCL Technologies, Tata Motors, Hindustan Zinc, Sun Pharmaceutical Industries and Wipro during the period.

Since May 16, post Q4FY18 results, Bajaj Finance has surged 21% against a marginal 0.13% rise in the Sensex. The company had reported a better than expected 60% year on year jumped in its standalone net profit at Rs 7.21 billion in March quarter (Q4FY18). Assets quality of the company improves during the quarter with gross non-performing assets (NPA) and net NPA as of March 31, 2018 stood at 1.48% and 0.38% respectively.

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