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Bajaj Finserv’s income jumps 59%, moves from loss to Rs 42 crore profit

Bajaj Finserv, the financial services company spun off from Bajaj Auto, reported good results for the June 2009 quarter. Its income –earned from life and general insurance, retail lending and other financial services- rose by 59% to Rs 106.2 crore. Despite a sharp increase in employee costs, its net profit for the quarter was Rs 66.9 crore compared to a loss of Rs 44.1 crore. The key reason for the turnaround in its performance is an increase in its income from investments.


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Bajaj Allianz to start a mutual fund

Bajaj Finserv and Allianz Global Investors will set up an 49:51 joint venture to promote a mutual fund. The new company will apply to the relevant authorities, including Sebi for permission to start a new mutual fund. The JV will come up when the uptrend in stock markets is making investors wonder if the bottom is behind them.

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