5 stocks in financial services to watch out for on October 06

As the positive momentum continues for the second straight day on D-Street, S&P BSE Financial Services are quoting up by 0.52% at 8353.46 while the frontline index the Sensex is trading at 58524.56 with a gain of 0.8%.

Let us see which stocks in the financial services investors should keep an eye on.

Max Ventures & Industries Ltd (MaxVIL) has been buzzing on the bourses on October 4 as it zoomed 20% (upper circuit) to touch a new 52-week high at Rs 173.80. The company has announced to undertake simplification of its corporate structure wherein MaxVIL will merge with Max Estates Limited, a wholly owned subsidiary of MaxVIL. Max Estates Limited will solely focus on the real estate business. Post the completion of the merger, the shareholders of MaxVIL will receive 1 equity share of Max Estates Limited and 1 equity share of MaxVIL and Max Estates Limited will be listed on the Indian Stock Exchanges. The transaction is expected to be completed within 6 to 9 months subject to NCLT approvals. Approval from Stock Exchanges has already been received. The wholly owned subsidiaries of MaxVIL viz. Max Asset Services (MAS) & Max I. Limited will become the wholly owned subsidiaries of Max Estates Limited. At 10.40 am the shares of MaxVIL were quoting at Rs 182.35, up 4.92%.

IndusInd Bank - SEBI has imposed a penalty of Rs 1 crore on the Bank for the commission and omission to get its loan repaid earlier sanctioned to CG group company. This penalty pertains to loans disbursed in the year 2017. The Bank is examining to prefer an appeal against the said order in due course. At 10.40 am the shares of IndusInd Bank quoting at Rs 1205.20, down 1.15%.

Aditya Birla Capital Ltd on October 4, 2022, received the approval from Insurance Regulatory and Development Authority of India (IRDAI) for the Proposed capital infusion of Rs 665 crore for a 9.99% stake in the post-issue equity share capital of Aditya Birla Health Insurance Co Ltd ( a non-material subsidiary of the company), from a wholly owned subsidiary of the Abu Dhabi Investment Authority subject to regulatory and other statutory approvals. At 10.40 am the shares of Aditya Birla Capital were quoting at Rs 116.10, up 0.78% or Rs 0.90. 

Bajaj Finance announced its provisional performance for the quarter ended on September 30 wherein Assets under management (AUM) grew by 31% to Rs 218,350 crore as compared to Rs 166,937 crore as of 30 September 2021. The deposit book stood at Rs 39,400 crore as of September 30, 2022, as compared to Rs 28,720 crore as of September 30, 2021, a YoY growth of 37%. New loans booked during Q2 FY23 were 6.8 million as compared to 6.3 million in Q2 FY22. At 10.40 am, the shares of Bajaj Finance were quoting at Rs 7398 down 1.22% per share

DCB Bank – The private bank in a press release on October 4 announced a revised External Benchmark Linked Rate (EBLR) which is effective from October 06. External Benchmark Linked Rate (EBLR) has been set at 10.34% while External Benchmark Linked Rate - Home Loan (EBLR-HL) at 10.06%.

 In the morning session, the shares of DCB Bank are trading at Rs 104.50, a gain of 1.51% over its previous close.