A similar change is happening in a famous non-bank finance company, the market’s pet,
. The lender’s pivot to a financial technology company is rapidly catching investors’ attention. So much so that at a recent meeting of the management with BofA Securities analysts, all that investors were bothered about was the great pivot.
Come October, the company’s app, Bajaj Pay, will act as a gateway to a myriad of services that the company can and plans to offer in the future. If all goes well, the company could acquire 90 million new customers in the coming years. Investors are hyped and so was the stock as it hit a record high before closing over 7 per cent higher.
Let us now pivot to the other big mover of the day from the housing finance space.
India-Bulls charging
Shares of the housing finance lender soared on Thursday, much like they did the previous day and the day before that. Some say it’s the burgeoning optimism for the company’s pivot (you see what we did there) to an asset-light model where investors will have to fret less over its asset quality, while others argue it must be the rekindling of the market’s romance with the real estate sector. All we know is that some major institutional investors were scampering to buy a part of the 1.19 per cent equity sold through bulk deals on Thursday.
ITC sulks on a good day
Count on the meme stock of the market to sulk on a day when almost every other stock was having a good time (eye rolls). The ITC stock fell 1.5 per cent and was the biggest loser on the Nifty50 index on a day when two out of every three stocks on NSE rose. Someone get ITC investors some energy bars, please!
The FMCG effect
What is it about having a CEO from an Indian FMCG company that makes investors so enthusiastic? Our educated guess will be their expertise in distribution and maybe, on how to move up on the value chain. Whatever be the case
’s appointment of a new CEO from the den of has the market buzzing in hype with the stock rising nearly 5 per cent. Some are even saying that the company could look entirely different in another three years. Let’s hope it will still sell shoes and sandals, and not NFTs of Sneakers.
