Stocks

Bajaj Finserv scrip zooms 20%

Our Bureau Mumbai | Updated on March 03, 2011


Bajaj Finserv zoomed 20 per cent on Thursday to close at Rs 527.45 to a share gaining Rs 87.9 over its previous close.

The stock was buoyed by the announcement that Berkshire Hathaway Inc, the company owned by investor Warren Buffett, has announced its entry into India, by becoming a corporate agent of Bajaj Allianz General Insurance.

Analysts expect Berkshire to pick up a stake in the insurer once foreign players are allowed to take 49 per cent stake in Indian insurers.

“It is just a small step into the Indian market and a precursor for the future,” said Mr Abbas Merchant, Senior Assistant Vice-President, Research Jaypee Capital.

“The tie up would help them understand product categories, consumer demographics, processes and corporate philosophy in India better.”

Published on March 03, 2011

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