BAJFINANCE

** Nifty 50 .NSEI, Sensex .BSESN down 0.2% each

** Of 16 major sectors, 11 decline; heavyweight financials .NIFTYFIN drop 0.7%

** Bajaj Finance BJFN.NS slips 7.4% to be biggest drag on benchmarks, NIFTYFIN after trimming FY26 asset growth forecast

** Co's holding company Bajaj Finserv BJFS.NS drops more than 7%

** Mid-caps .NIFMDCP100 lose 0.3%, small-caps .NIFSMCP100 ease 0.4%

** Shrimp makers Apex Frozen APEX.NS, Avanti Feeds AVNT.NS rise more than 6% on India-U.S. trade deal optimism

** Trump says U.S. close to sealing India trade deal

** Britannia Industries BRIT.NS drops 4% on veteran Varun Berry's surprise exit

(Reporting by Vivek Kumar M)

(([email protected];))

Nov 10 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• BAJAJ FINANCE EXEC: CUT FY26 AUM GROWTH GUIDANCE TO 22-23% FOR FY26

• BAJAJ FINANCE EXEC:GOLD LOAN BUSINESS WILL BE ABOUT 160 BLN RUPEES BY YEAR END FROM 120 BLN RUPEES NOW

Further company coverage: BJFN.NS

(([email protected];))

Nov 4 (Reuters) - Bajaj Finance BJFN.NS:

• RECORDS 27% SURGE IN FESTIVE LOAN VOLUME

• FESTIVE LOAN SURGE ON POSITIVE IMPACT OF GST REFORMS, CHANGES IN PERSONAL INCOME TAX

Source text: ID:nBSE3tWqvc

Further company coverage: BJFN.NS

(([email protected];))

Add details from paragraph 3

By Vivek Kumar M and Yagnoseni Das

Oct 13 (Reuters) - Tata Capital TATC.NS, India's third-largest non-bank lender by revenue, was muted in its debut trade on Monday, valuing the firm at 1.4 trillion rupees ($15.78 billion), with investors seemingly not that keen on the first listing by the storied Tata Group in nearly two years.

Tata Capital's subdued debut has come in a busy IPO market, where analysts say investors appear to be favouring LG Electronics India's LGEL.NS $1.3-billion share sale as they expect stronger listing gains and near-term growth, helped by recent tax cuts.

As of 10:57 am, Tata Capital shares traded at 329.8 rupees, slightly higher than their offer price of 326 rupees. Its market capitalization at the current price trails Bajaj Finance BJFN.NS and Jio Financial Services >, which are valued at $72 billion and $22 billion, respectively.

Tata Capital's IPO was fairly priced but the lack of a major valuation discount to its listed peers was one of the key factors for the tepid response, said Ambareesh Baliga, an independent market analyst.

"This is probably the first time we have seen such muted demand for an IPO from Tata Group," Baliga said.

Strong interest in LG Electronics India's IPO and negative news surrounding the Tata Group, including boardroom turmoil, also weighed on demand for Tata Capital's share sale, said Dhiraj Relli, CEO at HDFC Securities.

Last week, while Tata Capital got bids worth $2.9 billion for its IPO, LG Electronics India's public issue, which opened a day later, received nearly $50 billion worth of bids.

LG will start trading on October 14, while WeWork India, which made its debut last week, fell as much as 5.2% as investors stayed wary of its steep valuation and governance risks.

The last IPO from the salt-to-software Tata Group was by engineering and technology services provider Tata Technologies TATE.NS in November 2023, which listed at a premium of 140% to its issue price.

($1 = 88.7420 Indian rupees)

(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

(([email protected];))

Oct 8 (Reuters) - Tata Capital's TATC.NS $1.75 billion public share sale was fully subscribed on Wednesday, the final day of a three-day bidding process, as investors lined up for India's biggest offering this year amid a rush of new listings.

The Mumbai-based financial services company raised $523.2 million from anchor investors, including LIC and Norway's wealth fund last week, and is seeking a valuation of up to $15 billion.

The Tata Group company is India's third-largest non-bank lender in terms of revenue, trailing Shriram Finance SHMF.NS and Bajaj Finance BJFN.NS, which holds the top position.

The IPO comes at a bustling time for domestic listings, with the October-December quarter set to see $8 billion worth of fundraising, likely to be the second busiest on record.

(Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)

(([email protected];))

** Share of non-bank lender Bajaj Finance BJFN.NS rise as much as 3.36% to 1023 rupees apiece; stock last up 2.5%

** BJFN says its customer franchise as of September 30, stood at 110.64 million, up 20% Y/Y

** Assets under management rise 24% Y/Y to 4622.5 billion rupees as of September 30

** BJFN's pre-quarter update remains healthy and in line with our estimates, says Jefferies, while reiterating its "Buy" rating

** Adds recent goods and services tax (GST) cuts will likely aid growth momentum in the second half of fiscal year 2026, and terms BJFN as one of its top picks

** The average rating of 31 analysts tracking BJFN is "buy"; the median price target is 1000 rupees, data compiled by LSEG shows

** BJFN shares are up 45.3% in 2025 so far, outperforming the benchmark Nifty 50 .NSEI 5.7% rise, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 29 (Reuters Breakingviews) - India's financial technology startups are lining up for credit. Among them is Walmart-backed WMT.N payments champion PhonePe, which on Wednesday said it has confidentially filed for an initial public offering in Mumbai. A mooted $15 billion valuationlooks punchy, but its shot at grabbing the ultimate fintech prize in the country is half decent.

The U.S. retailer owns about 84% of the startup, which it acquired as part of its 2018 acquisition of e-commerce platform Flipkart. PhonePe's target valuation would imply a multiple of 13 times sales for the year to end March 2026, assuming its topline grows at the same 40% pace as it did in the previous year. That compares to 9 times Paytm-owner One97 Communications PAYT.NS commands among investors.

PhonePe is superior in multiple ways. Though Paytm swung to profit in the June quarter, PhonePe's losses are narrowing and it has faced none of the regulatory heat that has mired its rival. The Walmart unit also enjoys a 46% share in transactions passing through India's homegrown bank-to-bank mobile payments system, where its closest competitor is an application owned by Alphabet's GOOGL.O Google.

Yet simple payment transactions earn no fees in India. To profit, PhonePe needs to gradually convert its 200 million monthly active users and 40 million-strong merchant network into customers of financial products, from loans to insurance and mutual funds.

It's a promise that Paytm is starting to realise. Its revenue from financial services distribution doubled during the year to end June and accounted for 29% of its quarterly topline. PhonePe, by virtue of its bigger share of payments, ought to have a larger database spanning utility bill payments to restaurant outings that it can leverage to decide who is creditworthy.

The upstart will probably churn out a different, slightly lower, class of customer to those chased by India's traditional lenders, including HDFC Bank HDBK.NS and ICICI Bank ICBK.NS. They already have strong digital sourcing engines, however, so there will be some overlap in who they target. And the $72 billion Bajaj Finance BJFN.NS has a formidable grip on the consumer loan market too that's proven hard to break.

Yet if India is to produce anything like a real fintech winner, PhonePe is more than likely to be it.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

Walmart-backed Indian fintech firm PhonePe on September 24 said it has confidentially filed for a Mumbai initial public offering.

The company plans to raise around 120 billion rupees ($1.35 billion) through a sale of existing shares, Moneycontrol reported on the same day, citing unnamed industry sources. Walmart, Tiger Global and Microsoft could sell a combined 10% stake in the IPO, the report added.

PhonePe narrowed losses during the year ended March 31 to 17.3 billion rupees ($194.7 million) from 19.96 billion rupees ($225 million) in the previous 12-month period, the company said in a regulatory filing on September 22.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

MUMBAI, Sept 26 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 20 billion rupees ($225.3 million) through the sale of bonds maturing in five years, three bankers said on Friday.

It has invited coupon and commitment bids for the issue later in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 26:

*Size includes base plus greenshoe for some issues

($1 = 88.7560 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Sumana Nandy)

(([email protected], [email protected]))

** Investors in Indian markets should focus on a mix of sustainable growth outperformers and value stocks during current low-growth phase, says CLSA

** Brokerage identifies Bajaj Finance BJFN.NS and State Bank of India SBI.NS as top large-cap picks among lenders

** Forecasts BJFN to post mid-20% loan growth in FY25, alongside improving margins and lower credit costs

** Despite slower overall credit growth, CLSA calls BJFN a structural growth story, projecting around 20% profit growth through FY25–27, mirroring earlier years

** Also terms SBI "a truly valuable" stock due to consistent outperformance over peers, valuation comfort, sustainable loan growth and improving asset quality

** Predicts SBI could reach $100 billion market cap within a year and Bajaj Finance in 2-3 years

** BJFN up ~2% on Tues while SBI gains 0.6% vs 0.4% drop in benchmark Nifty 50 .NSEI

** BJFN up 48% in 2025 and SBI gains 8%, outperforming NSEI's 6.2% rise YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

MUMBAI, Sept 10 (Reuters) - India's Bajaj Finance BJFN.NS HAS accepted bids worth 13.5 billion rupees ($153.27 million) for bonds maturing in three years and three months, three bankers said on Wednesday.

They said the non-banking financial company will pay a coupon of 7.24% had invited bids from bankers and investors earlier in the day.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on September 10:

*Size includes base plus greenshoe for some issues

($1 = 88.0825 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

** Shares of non-banking finance co Bajaj Finance BJFN.NS rise as much as 1.56% to 900 rupees

** Jefferies ("buy", PT at 1,100 rupees) says is its stock top non-bank finance firm pick, valuations are justified by growth and profitability

** Management tells Jefferies that small and medium enterprise segment stress due to asset quality isn't as high as feared

** Co confident about 23%-24% yoy growth in loans on diversified products and ramp-up of newer segments - Jefferies

** On avg, both BJFN and parent Bajaj Finserv BJFS.NS rated "buy" on avg by analysts - data compiled by LSEG

** YTD, BJFN up 31%, BJFS up 25%

(Reporting by Komal Salecha)

(([email protected];))

MUMBAI, Aug 22 (Reuters) - Indian non-banking finance company Bajaj Finance BJFN.NS withdrew its planned 10-year bond issue due to higher-than-expected yields, three bankers and traders said on Friday.

It was looking to raise 50 billion rupees ($571.82 million) and had invited commitment bids for the issue earlier in the day, they said.

Bajaj Finance did not immediately respond to a Reuters email seeking comment.

($1 = 87.4400 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected], [email protected]))

MUMBAI, Aug 21 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 50 billion rupees ($574.7 million), which includes a greenshoe option of 40 billion rupees, through a sale of bonds maturing in 10 years, three bankers said on Thursday.

The non-banking financial company has invited bids from bankers and investors on Friday, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on August 21:

*Size includes base plus greenshoe for some issues

($1 = 87.0070 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

Aug 5 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

Trump's trade punches on India appear to be heavy. A sweeping 25% tariff on key exports from the nation and a threat to "substantially" raise it over its Russian oil purchases look set to upend months of negotiations and squeeze labour-intensive sectors in the world's fifth-largest economy.

While those moves are making some Indian companies ponder their future, U.S. firms are unlikely to blink. From Apple AAPL.O to Google, big names are doubling down on India and betting on its long-term promise despite the rising geopolitical heat. That's our focus this week.

We also detail how a Chinese missile, an intelligence lapse, and a surprise strike helped Pakistan shoot down a Rafale fighter jet, marking one of the most dramatic air battles in years. Scroll down for more on that.

THIS WEEK IN ASIA

** South Korea, US prepare for summit with details of trade deal unresolved

** China's independent oil firms elbow into Iraq's majors-dominated market

** Japan ready to compile extra budget to cushion US tariff blow, PM Ishiba says

** China's solar giants quietly shed a third of their workforces last year

** Old trees and ageing farmers worsen outlook for top palm oil exporters

KICKED IN THE TEETH BY US TARIFFS

India is bracing for fresh pain on trade as U.S. President Donald Trump imposed 25% tariffs on a wide range of its goods, treating Asia's third-largest economy more harshly than other major U.S. partners.

And in a move that India said was unjustified, Trump threatened to raise tariffs again over its purchase of oil from Russia.

The tariff imposition is expected to ripple through India's export engine. High-employment sectors, especially readymade garments, gems, jewellery, electronics and marine products, face steep duties in their crucial U.S. market.

"While further trade talks may bring the tariff rate down, it appears unlikely that India will secure a significantly better outcome than its eastern neighbours," said Priyanka Kishore, an economist at Asia Decoded.

Economists warn of a near-term hit to India's growth and sentiment. The rupee weakened after last week's announcement, and some analysts expect up to 40 basis points shaved off GDP in the year to March 2026 if the tariffs stay.

"If these tariffs remain in place, they could undermine India's growing appeal to businesses seeking trade diversion in low-value-added manufacturing sectors," said Raphael Luescher, Co-Head of EM equities at Vontobel.

India's $45.7 billion trade surplus with the U.S., which is equivalent to 1.2% of GDP in 2024, has been a major source of resilience amid global slowdowns. Halving that, some analysts say, could dent the 'safe haven' narrative that's helped India attract global capital even as China cools.

The most immediate pain is in workforce-heavy sectors. Apparel exporters such as Welspun Living WLSP.NS, Gokaldas Exports GOKL.NS, and Indo Count ICNT.NS, who send up to 70% of their output to the U.S., have warned of potential order losses and delayed expansion. Diamond and jewellery firms too are forecasting a slump in shipments ahead of the vital holiday season. The U.S. is India's largest market for garments and jewellery, with nearly $22 billion in exports in 2024.

"A blanket tariff of this magnitude will inflate costs, delay shipments, distort pricing, and place immense pressure on every part of the value chain, from lower-level worker to large manufacturers," said Kirit Bhansali, chair of the Gem & Jewellery Export Promotion Council.

The Indian government, under pressure to protect farmers ahead of elections in a key state, has refused to concede on agricultural access - a major U.S. demand. That has stalled trade talks despite months of backchannel engagement. In Parliament, trade minister Piyush Goyal said India remains committed to "protecting and promoting the welfare" of its farmers and entrepreneurs.

US FIRMS LIKELY TO STAY THE COURSE

Even as Trump's latest tariffs threaten to disrupt India's China-plus-one ambitions, U.S. corporate confidence in the country is expected to remain firm, driven by its vast consumer market and limited manufacturing and investment ties to Beijing.

Apple has become more reliant than ever on India to feed its U.S. supply chain. Nearly all of Foxconn's 2317.TW $3.2 billion worth of iPhones exported from India between March and May went to the U.S. Between April and June, 71% of iPhones sold in the U.S. were India-made, up from just 31% a year ago.

"Making supply chain adjustments, particularly with new iPhone models nearing release, is unlikely due to the complex factors involved," said Tarun Pathak of Counterpoint Research. "It is expected to be business as usual."

Apple is not alone. Alphabet's GOOGL.O Google is investing $6 billion in Andhra Pradesh to build Asia's largest data center by capacity, including $2 billion in renewable energy. Drugmaker Amgen's AMGN.O CEO said in February the company will invest about $200 million in an AI-driven innovation hub in southern India, and Tesla TSLA.O launched its Model Y SUV in Mumbai just last month, despite import tariffs in India that can exceed 100% on cars.

U.S. retailer Costco COST.O is also joining the fray, with plans to open its first Global Capability Centre in Hyderabad, focused on technology and research operations that will initially employ 1,000 people and scale up.

India's growing local component ecosystem, wage levels around half of China's, and federal incentives make it more cost-competitive than ever, especially in tech and electronics manufacturing. In sectors such as pharmaceuticals and chemicals, exposure to the U.S. remains high, but players are already seeking workarounds or shifting supply chains to protect earnings.

In this standoff, short-term pain may sting India, but long-term positioning is still in play. Talks are expected to resume in mid-August, and while a quick breakthrough may not materialise, analysts say the fundamentals of India's economic story remain intact.

Sign up for the Reuters Tariff Watch newsletter here.

Can India shield its politically sensitive farm sector and stop its Russian oil purchases while keeping its trade ties with Washington from unravelling? Or will economic pragmatism force a compromise in the face of Trump's tariff shock? Write to me at [email protected].

THE WEEK'S MUST READ

A Chinese-made missile and an intelligence lapse helped Pakistan shoot down a Rafale fighter jet during a major India-Pakistan aerial clash in May, officials said. The Pakistani J-10C fired a PL-15 missile from around 200 km (124.3 miles), farther than Indian pilots had expected, after Delhi underestimated the missile's true range. The hour-long battle, involving about 110 aircraft, followed Indian strikes on Pakistan after a deadly militant attack in Indian Kashmir.

Pakistan used a "kill chain" linking Chinese jets, radar, and surveillance planes to track Indian aircraft without detection.

The incident raised doubts over Western fighter jets' dominance and boosted interest in Chinese alternatives like the J-10.

Dive into this insight by Reuters journalists Saeed Shah and Shivam Patel on how Pakistan brought down India's top fighter jet with Chinese tech.

MARKET MATTERS

Indian banks are tightening consumer lending just as rate cuts kick in, raising fears that cautious credit and weak household finances could dampen a consumption-led recovery.

Lenders are slowing disbursals for personal loans, credit cards, and vehicle financing. Growth in these segments slipped to single-digit percentage in May, from between 15% and 26% a year earlier, Reserve Bank of India data showed.

Top privately owned banks such as HDFC Bank HDBK.NS, ICICI Bank ICBK.NS, Axis Bank AXBK.NS, and Kotak Mahindra Bank KTKM.NS as well as large non-bank lender Bajaj Finance BJFN.NS have seen bad loans rise in the April-June quarter, hitting their bottom lines.

Read this in-depth report by Reuters journalists Jaspreet Kalra and Ashwin Manikandan.

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

(([email protected]; +91 70456 55251))

MUMBAI, July 29 (Reuters) - India's Bajaj Finance BJFN.NS accepts bids worth 10 billion rupees ($115.10 million) for bonds maturing in three years and two months, three bankers said on Tuesday.

The non-banking financial company will pay an annual coupon of 7.07% on this issue and had invited bids from bankers and investors for the issue earlier in the day, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on July 29:

*Size includes base plus greenshoe for some issues

($1 = 86.8800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)

(([email protected]))

Adds analyst comments in paragraphs 4-6, stock details in paragraphs 8-9; updates shares

July 25 (Reuters) - Shares of Bajaj Finance BJFN.NS were on track for their worst day in three months on Friday, as concerns over worsening asset quality and high credit costs overshadowed strong loan growth.

Bajaj Finance BJFN.NS fell as much as 6.4% in early trade and was last down about 5% at 916 as of 10:04 a.m. IST, making it the top loser on both the financials sub-index .NIFTYFIN and the benchmark Nifty 50 .NSEI, which were down 0.6% each.

The non-banking lender reported June-quarter profit ahead of estimates, but its gross non-performing asset ratio deteriorated to 1.03%, compared with 0.96% in the previous quarter and 0.86% a year ago.

Loan losses and provisions grew 26% on-year, with the lender saying credit costs remained elevated during the quarter.

Analysts at Goldman Sachs said they do not expect growth to pick up in the near term, citing ongoing stress in Bajaj Finance’s selected unsecured portfolios and limited room for net interest margin expansion.

UBS analysts also flagged concerns, noting the company’s outlook on near-term credit costs and assets under management for fiscal 2026 was "weaker than expected."

Bajaj Finace has been grappling with higher loan losses in the last few quarters, especially in the unsecured segment.

Average rating of 31 analysts on Bajaj Finance is at "buy," with a median price target of 975.50 rupees, as per data compiled by LSEG.

The stock has been the best year-to-date performer on 20-member financials index with its 34% climb, compared with the index's 14.4% gain.

Benchmark Nifty 50 has gained 5.5% so far in 2025.

(Reporting by Kashish Tandon and Manvi Pant; Editing by Sumana Nandy and Nivedita Bhattacharjee)

(([email protected]; +918447554364;))

July 24 (Reuters) - Indian non-banking financial company Bajaj Finance BJFN.NS posted a first-quarter profit rise on Thursday, helped by healthy loan growth.

Consolidated net profit rose 20% from a year earlier to 47 billion rupees ($543.98 million) for the quarter ended June 30.

($1 = 86.4000 Indian rupees)

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)

(([email protected];))

July 21 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• ANUP KUMAR SAHA TENDERED HIS RESIGNATION AS MANAGING DIRECTOR OF BAJAJ FINANCE

• RAJEEV JAIN RE-DESIGNATED AS VICE- CHAIRMAN AND MANAGING DIRECTOR

Source text: ID:nBSE8KHjRx

Further company coverage: BJFN.NS

(([email protected];;))

** Bajaj Finance BJFN.NS gains ~1% to 949 rupees

** HDFC Securities sees non-banking lender's AUM CAGR of 24% between FY25 and FY29, aided by strong customer acquisition and expanding product suite

** Raises PT to 985 rupees from 951 rupees; retains "buy"

** Says FY25 profitability impacted by higher credit costs; believes co poised to continue delivering strong growth and profitability outcomes

** Expects delinquencies to gradually improve by Q2 FY26 on the back of tightening of credit filters

** Stock rated "buy" on avg; median PT is 978.50 rupees, per data compiled by LSEG

** BJFN gains 39% YTD

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

July 8 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• ALLOTS NCDS WORTH 15 BILLION RUPEES

Source text: ID:nBSE3f0mkH

Further company coverage: BJFN.NS

(([email protected];;))

** Bajaj Finance BJFN.NS climbs 3% to 937.65 rupees

** Top gainer on financials index .NIFTYFIN, which is up 0.2%

** Non-bank lender reports growth in June-qtr deposits, loan book

** Citi keeps "neutral" rating with PT 983 rupees

** Notes cost of funds moderates in Q1, though offset by lower pricing in unsecured business, leading to stable NIM

** Jefferies retains "buy" rating with PT 1,044; says BJFN's quarterly update is "encouraging" as it comes at a time when sales of consumer durables, especially ACs and refrigerators, is down

** YTD, BJFN up 37% vs financials index's 1% climb

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

July 3 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• BAJAJ FINANCE - NEW LOANS BOOKED GREW 23% IN Q1

• BAJAJ FINANCE - DEPOSITS BOOK GREW BY 15% Y/Y AS OF JUNE 30

• BAJAJ FINANCE - AUM GREW BY 25% AS OF JUNE 30

Source text: ID:nBSE7JpGMC

Further company coverage: BJFN.NS

(([email protected];;))

Adds details on insurance deals in paragraphs 15-17

By Charlie Conchie

LONDON, July 1 (Reuters) - Indian financial services group Bajaj Finserv has increased its customer target to 250 million in the next four years, chairman and managing director Sanjiv Bajaj told Reuters, betting on strong growth in the South Asian economy.

Bajaj Finserv, one of India’s biggest non-bank financial firms, in December set a target of 200 million customers by 2029, but has been winning business more quickly than expected.

"(It's) very promising. We've added 10 million new customers in the last two years," Bajaj told Reuters.

The largest company in the century-old Bajaj Group, Bajaj Finserv has about 92 million active customers in India across divisions including lending, asset management and insurance. The Bajaj Group holds a 55% stake in the financial services company, which is listed on the National Stock Exchange of India.

Bajaj told Reuters in an interview in London that Bajaj Finserv had reached only about 30% to 40% of its potential market and was looking to accelerate growth by targeting India's burgeoning middle class and first-time borrowers.

Bajaj Finserv's largest subsidiary, Bajaj Finance, typically provides loans to small businesses and consumers to fund purchases of household and electrical goods, as well as mortgages via its property finance arm, Bajaj Housing Finance.

The biggest risk to the company's growth plans is that the Indian economy falls short of an 8% growth rate, Bajaj said, which economists believe it needs to meet its goal of becoming a developed nation.

While India's central government has set out plans to lift economic growth, there was a danger this did not translate to a state level, he added.

"The states rightly still have a lot of power, and I hope politics doesn't get the better of economics over there, because then it will deny us that additional opportunity to grow," Bajaj said.

Bajaj Finserv sees customers' ability to repay loans improving from here, he added.

While profit at the firm rose to $1.1 billion in the 12 months to the end of March, up from $900 million the previous year, Bajaj Finserv has set aside cash to cover losses in its loan book since 2020.

The net loss ratio at the company's flagship lending arm Bajaj Finance has reached about 0.7% in the last four or five years, Bajaj said, indicating a "little higher stress".

"Post-COVID, we initially saw a period of stress where we saw revenge buying happening all over the world," he said, referring to the trend of customers spending on expensive goods after the pandemic.

"So actually credit performance improved, and then it (has) started normalising to say 2019 pre-COVID levels. We think by and large it's normalised there; another couple of quarters and it should be fine."

Bajaj Finserv agreed a deal to buy out Allianz from two general and life insurance joint ventures in March for around 2.6 billion euros.

The deal, which is awaiting approval from regulators, will be funded by Bajaj Finserv internally, Bajaj said.

"Neither of the insurance companies has needed capital for the last 8-10 years, so the internal reserves have supported their growth, and that's why we've never felt the need to go to an outside investor for capital," he said.

Bajaj said the company had begun using artificial intelligence chatbots to grant loans and speak with customers and the technology would be central to its growth plans.

Asked if the company could consider international expansion in the future, Bajaj said: "We don't have plans yet, but it could be".

(Reporting by Charlie Conchie
Editing by Mark Potter)

(([email protected]; +44 7787306777;))

** Shares of Bajaj Finance BJFN.NS and Shriram Finance SHMF.NS rise 2.3% and 3.6%, while Cholamandalam Investment CHLA.NS gain 0.8%

** BJFN and SHMF among top gainers in Nifty 50 .NSEI and financials .NIFTYFIN indexes, which are up 1% and 1.3%

** Jefferies terms the three companies its top picks in non-bank lending space

** Jefferies says good monsoon, policy initiatives by the Reserve Bank of India and government should aid credit growth for shadow banks and lift demand in the second half of fiscal 2026

** Expects asset quality trends to stabilize and improve in second half of fiscal 2026

** BJFN and CHLA up about 36% in 2025 so far, SHMF rises 17% over the same period, Nifty 50 and financials indexes gain 7.8% and 15.7%, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

MUMBAI, May 29 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 5 billion rupees ($58.5 million) for the reissue of 7.2337% June 2027 bonds, three bankers said on Thursday.

The non-banking financial company will offer a yield of 6.99% and had invited bids from bankers and investors earlier in the day, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on May 29:

* Size includes base plus greenshoe for some issues

($1 = 85.4530 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, May 28 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 30 billion rupees ($351.7 million), including a greenshoe option of 25 billion rupees, through the reissue of 7.2337% June 2027 bonds, three bankers said on Wednesday.

The non-banking financial company has invited bids from bankers and investors on Thursday, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on May 28:

*Size includes base plus greenshoe for some issues

($1 = 85.3020 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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MUMBAI, May 21 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 92.65 billion rupees ($1.08 billion) for reissue of June 2028 and June 2030 bonds, three bankers said on Wednesday.

The non-banking financial company had invited bids from bankers and investors earlier in the day, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on May 21:

*Size includes base plus greenshoe for some issues

($1 = 85.5280 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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MUMBAI, May 20 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 110 billion rupees ($1.29 billion, including a greenshoe option of 65 billion rupees, through the sale of bonds maturing in three years and one month and in five years and one month, three bankers said on Tuesday.

The non-banking financial company has invited bids from bankers and investors on Wednesday, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on May 20:

*Size includes base plus greenshoe for some issues

($1 = 85.4425 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sonia Cheema)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 19 (Reuters Breakingviews) - India is shaking off a decade-old suspicion of flighty foreigners. Officials are easing rules to let them own more of its $600 billion of company debt and smoothing access to treasuries. Global economic conditions do not favour an immediate deluge of flows, but the country's road to a deeper bond market is getting shorter.

The central bank this month removed a 30% cap on outsiders owning bonds with residual maturity of less than a year. Days later, markets watchdog Securities and Exchange Board of India proposed a simpler due diligence regime for treasury-focused investors that could ease compliance for funds with complex structures or multiple schemes.

The reforms signal India is warming up to what it once considered hot money: itinerant pools of capital that bet on interest rate and currency differentials between markets. That's a big turnaround from a decade ago. Back then, authorities restricted their access to short-term securities following massive outflows during the so-called taper tantrum, sparked by the U.S. central bank revealing it would start scaling back its asset purchase program.

At present, rising U.S. yields dim the allure of Indian debt: foreign portfolio investors have used only 14% of the quota of company bonds available to them, down from 38% in May 2020. Officials are therefore willing to adjust conditions to be more favourable for high-yield seekers like Ares Management ARES.N and Oaktree, which are pushing into the market and prefer to hold debt to redemption rather than constantly monitor residual maturities for illiquid paper.

The additional liquidity it attracts could create a new layer of issuers between top-rated companies which dominate the market and high-risk borrowers, said Jayesh Mehta, vice chairman and CEO at non-bank lender DSP Finance. Bond issuance by Indian companies hit a record high in 2024. Top issuers included Bajaj Finance BJFN.NS and the parent firm of Bharti Airtel BRTI.NS.

Cash will not gush in immediately, as the yield differential between U.S. treasuries and the Indian equivalent is just 170 basis points, the narrowest in two decades. Over time, the shift will help India cut its companies' dependence on bank lending. There's a long way to go: the country's corporate bond market is just 16% of GDP, less than half the ratio for China. Still, it's better to open up when inflows will be a trickle rather than a flood.

Follow @ShritamaBose on X

CONTEXT NEWS

Securities and Exchange Board of India on May 13 proposed dropping disclosure requirements on group details of foreign investors who hold Indian government bonds.

The country's central bank on May 8 withdrew short-term investment and concentration limits applied to FPIs investing in Indian company debt.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

MUMBAI, May 6 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 7.37 billion rupees ($87.4 million) for the reissue of 7.02% April 2031 bonds and 7.38% June 2030 bonds, three bankers said on Tuesday.

The non-banking financial company had invited bids from bankers and investors for the issue earlier in the day, they said.

Bajaj Finance did not respond to a Reuters email for comment.

Here is the list of deals reported so far on May 6:

*Size includes base plus greenshoe for some issues

($1 = 84.3300 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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