Bajaj Finance has announced the result of their quarter profits today. For the quarter ending June, the company has stated a 3% decline in net profit to Rs.843 crore YoY.
Profits of the company are adversely impacted due to the pandemic Covid-19. The company also reported that in June 2020, the consolidated net profit chops down to Rs.962 crores from Rs. 1,195 crores, a year ago. The reason behind this fall in net profit was the decay of loan growth. Consequently, the firm has to make extra provisions to deal with the deteriorating loans which took place due to the worldwide shutdown.
The non-performing loans ratio raised at 2.96 percent as compared to 1.79 percent in the last quarter.
As a result, for Bajaj finance, the quarter seems to be a muted one due to the life-threatening second wave of Covid-19.
Our Trendy Analysis: We are aware that Lockdown in every part of the country, has an undesirable impact on both the businesses as well as debt management efficiencies.
Technical Levels
Bajaj Finance has support at 5850—5700 and resistance at 6050
Trend reversal we expect on a close below 5700 levels only or else it could test its resistance level of 6050 again.
A decisive close above 6050 will take it to 6200—6350 levels.
Trade safely as per levels given.. More we will update soon!!