Shares of Bajaj Finserv spurted by nearly 14 per cent in the early trade on the BSE today, bolstered by Berkshire Hathaway’s deal with the company’s unit, Bajaj Allianz General Insurance.
The US-based Berkshire Hathaway said on Wednesday that 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 shares shot up by 13.72 per cent to touch a one-month high of Rs 499.90 on the Bombay Stock Exchange.
In a similar fashion, the stock zoomed up by 15.88 per cent to an early high of Rs 512.05 on the National Stock Exchange.
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.