Mumbai, July 30 (TIWN) Shares of Bajaj Finance and parent Bajaj Finserv were major contributors to the second day rise in benchmark indices on Thursday as investors bought their shares after both companies announced whopping Q1FY23 results and stock split by the latter.

On Thursday, Bajaj Finance shares closed at Rs 7,076.30 a share, up Rs 682.55 or 10.68 per cent, while shares of Bajaj Finserv ended at Rs 14,652.30 a share, up Rs 1,349.15 or 10.14 per cent.

Both these shares were the top gainers on the BSE and National Stock Exchange.

The buying in both these stocks were back their on sharp rise in net profits in the first quarter. Bajaj Finance witnessed a net profit rising in Q1FY23 by a whopping 159 per cent to Rs 2,596 crore, as against Rs 1,002 crore in the corresponding period last year.

The finance company's net interest income rose 48 per cent on back of strong 60 per cent growth in the loan book. The assets under management of the company rose 28 per cent to Rs 2.04 lakh crore.

Similarly, Bajaj Finserv registered a consolidated net profit of Rs 1,309 crore, up 57 per cent. Interest income of the company increased by 29.32 per cent to Rs 8,971.49 crore.

Bajaj Finserv also announced a stock split in the ratio of 5:1 where five equity shares having a face value of Re 1 each will be offered on one existing share having a face value of Rs 5 each.

"Bajaj Finance's (BAF) 1QFY23 PAT grew 160 per cent YoY/7 per cent QoQ to Rs 26 billion (17 per cent beat). The company posted a healthy operational performance driven by robust customer additions, new loan acquisitions and strong velocity aided by its omni-channel strategy and digital ecosystem," Motilal Oswal Financial Services Ltd said in a report.