India’s largest NBFC Bajaj Finance reported a 15% year-on-year jump in new loans booked in the December-ended quarter to 1.39 crore compared to 1.21 crore in the year ago period. The company’s Assets under management (AUM) grew by 22% or Rs 23,600 crore to approximately Rs 4,85,900 crore in the quarter under review versus Rs 3,98,043 crore as of December 31, 2024.

Bajaj Finance’s customer franchise stood at 11.54 crore as of December 31, 2025 compared to 9.71 crore as of December 31, 2024. In Q3FY26, the customer franchise increased by 47.6 lakh.

The deposits book stood at approximately Rs 71,000 crore as of December 31, 2025 as compared to Rs 68,797 crore as of December 31 2024.

The numbers are provisional and the company declared them on Saturday as part of its Q3 update.

The shares of Bajaj Finance ended at Rs 990.55 on the NSE on Friday, gaining by 1.8%.

Also read: PNB Q3 updates: Global business grows 9.6% YoY to Rs 28.92 lakh crore, advances jump 11%

The stock has been a top Nifty performer with 34% gains over a 1-year period compared to the Nifty’s 9% returns. The stock is trading above its 200-day simple moving average (SMA) of Rs 952 while below its 50-day SMA of Rs 1,024.Bajaj Finance reported a 22% jump in its consolidated Q2 net profit at Rs 4,875 crore versus Rs 4,000 crore in the year ago period. The profit after tax (PAT) is attributable to the owners of the company and missed Street’s estimates of Rs 4,969 crore. The net interest income (NII) increased by 22% in Q2FY26 to Rs 10,785 crore from Rs 8,838 crore in the year ago period.

The NBFC reported a net total income of Rs 13,170 crore, which jumped 20% in Q2FY26 from Rs 10,946 crore in Q2FY25. The Pre-provisioning operating profit increased by 21% in Q2FY26 to Rs 8,874 crore from Rs 7,307 crore in Q2 FY25.

Number of new loans booked in Q2FY26 was 1.22 crore as against 97 lakh in Q2FY25, a growth of 26%.

Read more: Avenue Supermarts Q3 Updates: Standalone revenue jumps 13% YoY to Rs 17,613 crore

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

The Indian Exchange Traded Fund (ETF) landscape has reached a historic inflexion point, crossing the milestone of Rs 10 Lakh Crore Assets Under Management (AUM) as of October 2025, says Zerodha Fund House. This surge underscores a shift in investor behaviour, with the industry successfully doubling its total AUM in a span of just three years.

Beyond the growth in asset base, the market’s structural efficiency has seen a significant expansion. Trading volumes for ETFs in India have surged from Rs 51,000 crore in FY 19-20 to Rs 3.83 lakh crore in FY 24-25, a substantial increase of more than seven times.

The first half of FY 25-26 alone has recorded volumes exceeding Rs 3.2 lakh crore, nearly matching the entire previous record-breaking year in just six months. This deepened liquidity benefits investors by ensuring tighter spreads, better price discovery, and smoother execution of trades.

A key driver of this milestone is the unprecedented rise in retail engagement. The total number of ETF folios has risen from ~Rs 41 lakhs to more than Rs 3 cr, from November 2020 to November 2025.

This increase in investor base might have been likely fueled by the increase in education and awareness about ETFs and easier access to digital platforms.

“For new investors, ETFs act as a versatile tool to take exposure to different asset classes, themes, and segments since they are simple, cost-effective and transparent in their structure,” said Vaibhav Jalan, CBO, Zerodha Fund House.

While Equity ETFs continue to dominate the market, accounting for 25 lakh new folios in the last 12 months, investors are increasingly adopting a “holistic” approach to portfolio construction. This shift is characterised by a surge in Gold and Silver ETFs, which have grown to represent nearly 15% of the total ETF AUM as of November 2025.This transition may underscore a maturing market where investors are actively balancing equities with the diversification of precious metals.

In the last 1 year, Gold ETFs saw a 1.5 times uptick in new accounts, and Silver ETFs recorded a sharp 4.5 times rise. This participation has also translated into asset accumulation – Gold ETF AUM doubled to cross the Rs 1 Lakh Cr milestone (from ~Rs 44,000 Cr), while Silver ETF AUM quadrupled to over Rs 49,000 Cr (from ~Rs 12,000 Cr) in just one year.

Also read: Silver ETFs deliver triple-digit gains in 2025. Should investors book profits?

“Crossing the Rs 10 Lakh Crore AUM mark is a landmark moment for the Indian ETF space. Having launched India’s first ETFs across equity, gold, liquid, and government divestment categories, it is satisfying to see the product mature and gain such widespread adoption,” said Vishal Jain, CEO at Zerodha Fund House.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

According to market reports, BlackRock’s iShares Bitcoin Trust (IBIT) has climbed to the edge of a major milestone, with assets under management roughly between $98 billion and $100 billion.

In just over a year since launch, the fund has generated roughly $244–$245 million in annualized revenue, driven by steady inflows and a 0.25% management fee. This rapid rise has made IBIT one of the most lucrative products in BlackRock’s lineup.

Rapid Growth And Revenue

IBIT reached its current size in about 435 days. Based on reports, that pace is far faster than many legacy funds took to build similar scale — Vanguard’s S&P 500 ETF (VOO) took roughly 2,011 days to hit $100 billion.

Market watchers have said IBIT may become the fastest ETF ever to reach $100 billion. Bloomberg analyst Eric Balchunas describes this ascent as “absurd.”

The math is simple: large flows plus rising bitcoin prices push AUM higher, which then boosts fee income. That loop has been powerful this year.

$IBIT a hair away from $100 billion, is now the most profitable ETF for BlackRock by a good amount now based on current aum. Check out the ages of the rest of the Top 10. Absurd. pic.twitter.com/E8ZMI2wynx

— Eric Balchunas (@EricBalchunas) October 6, 2025

Flow Numbers And Market Moves

On a recent trading day, US spot Bitcoin ETFs saw net inflows near $1.2 billion. IBIT reportedly captured about $970 million of that total.

Based on market coverage, more than half of ETF inflows into the US market went into IBIT, underscoring its lure for many investors. When money pours in at this scale, the demand for the underlying bitcoin is pushed higher, and price moves can be amplified.

Some traders watch these inflow days closely because similar spikes have come near local price tops in the past.

Market Impact And Risks

Reports have disclosed a few clear risks for investors and for the broader market. One is the premium or discount that can form between an ETF’s market price and its Net Asset Value; that gap can widen during stressed moments.

Another is regulation: rules in the US or abroad could change, and that could affect flows. Competition is also a factor — fee pressure from rival issuers could alter revenue projections.

Finally, rapid growth is easier at the start; sustaining this pace will be harder as the base becomes larger.

Mechanics And Strategy Moves

IBIT’s structure relies on daily creation and redemption by authorized participants, and it uses a major custody setup for the bitcoin holdings.

According to filings and industry reports, BlackRock is exploring product extensions such as a bitcoin “premium income” ETF that would aim to generate yield through options strategies, and it has taken steps like filing to create supporting trust entities. Those moves suggest the firm is planning for multiple ways to serve demand.

Featured image from Newscom, chart from TradingView

Bajaj Finance delivered a strong operational performance in the second quarter of FY26, posting a 24% year-on-year (YoY) jump in Assets Under Management (AUM) to approximately Rs 4,62,250 crore, up from Rs 3,73,924 crore as of 30 September 2024.

The company’s deposit book expanded by 5.4% to around Rs 69,750 crore, compared to Rs 66,131 crore in the year-ago period.

The lender’s customer franchise rose to 110.64 million, with 4.13 million new customers added during the quarter, continuing its strong retail traction.

Additionally, the new loan bookings surged 26% to 12.17 million, compared to 9.69 million in Q2 FY25, reflecting solid demand across its lending segments.

During the quarter, Bajaj Finance added nearly Rs 20,800 crore to its AUM. The company noted that all figures are provisional and subject to statutory audit review.

Bajaj Finance Q1 results

Bajaj Finance had reported 22% YoY growth in its consolidated net profit at Rs 4,765 crore in the first quarter of FY26. Net interest income in the same period rose 22% YoY to Rs 10,227 crore.

The profit growth was driven by robust loan growth, an expanding customer base, and healthy interest income. Profit before tax stood at Rs 6,368 crore, also up 21% from the same period last year.

The company booked 13.49 million new loans during the quarter, marking a 23% increase over Q1 FY25, while its customer franchise grew 21% to 10.6 crore. During the quarter alone, the lender added 4.69 million new customers.

Bajaj Finance share price history

Over the past one year, the shares of Bajaj Finance have delivered an impressive 33.14% gain, reflecting strong long-term momentum. On a year-to-date basis, it has surged by a remarkable 42.67%, showcasing consistent investor confidence.

Looking at shorter time frames, the stock has climbed 15.10% over the last six months and 8.67% in the past three months, underlining steady upward movement. Even on a one-month basis, it posted a healthy 10.39% rise, signalling robust near-term sentiment as well.

On Friday, Bajaj Finance shares closed flat at Rs 989.65 on the BSE.

Also read: David Solomon of Goldman Sachs sees market drawdown ahead, says AI frenzy may set stage for equity shakeout

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

India’s venture capital assets under management (AUM) have surged nearly 5 times in a decade to Rs4.9 lakh crore, fuelled by a wave of small domestic funds, LPs, small homegrown funds and family offices that are reshaping the country’s startup investment landscape, according to a new report by venture platform Fibonacci X.

It shows funds below Rs 400 crore are driving fresh capital, while the top quartile of VCs have delivered seven times higher returns than the industry average, underscoring both the boom in homegrown capital and the power-law nature of venture investing.

The report indicates that the share of Venture Capital in India’s private capital pool has increased from Rs 1.04 lakh crore in 2015 to an expected Rs 4.8–4.9 lakh crore by 2025, growing from 24% to 36% of total private capital assets.

“Fund sizes below Rs400 crore have been the real workhorses of the VC industry. An average of 10 new funds of over Rs 300 crore each have launched annually in the past three years, steadily adding to India’s dry powder,” said Preksha Razdan, Investment Analyst at Fibonacci X.

Dry powder available for deployment has ballooned from Rs 100 crore in 2015 to Rs 5,000 crore by March 2025, a whopping 50 times increase, reflecting a strong appetite for early-stage opportunities.

Although there has been a significant increase, the report indicates that returns are still highly concentrated. Out of 169 schemes reviewed, only 48 delivered at least 50% back to their investors. Top-quartile funds recorded a distributed-to-paid-in (DPI) ratio of 3 times – seven times higher than the industry average. “This confirms the power-law dynamic of venture capital. The top funds create meaningful outcomes while the majority deliver modest returns, reinforcing the need for sharper fund selection,” Razdan added.A structural shift has also been the rise of domestic limited partners (LPs). By 2025, 39% of new funds had a fully domestic LP base, up from 20% just two years earlier. Family offices have emerged as influential players: 71% invest directly in startups, and nearly half write cheques under ₹10 crore, seeding India’s early-stage ecosystem.

“The rise of domestic LPs tightens due diligence and makes fundraising more demanding, but it also roots venture capital in India’s own investor ecosystem. This evolution is crucial to building a resilient, locally aligned startup economy,” said Kulmani Rana, Founder and CEO of Fibonacci X.

The report also noted that many of India’s leading VC firms were built by first-time managers without global templates to follow. Some funds with SaaS, fintech, and consumer-focused bets saw AUM grow up to 48 times within a decade.

Operations-heavy marketplace aggregators outlasted fast-scaling consumer unicorns. Retention data from 2021 shows 83% of unicorns remained resilient, with SaaS ventures averaging more than seven years of durability compared to five years for edtech and marketplaces.

The US Bitcoin Spot ETFs have been one of key bullish drivers of the present market cycle, heralding an influx of institutional investors into the BTC ecosystem. In 18 trading months, these ETFs have acquired 6.25% of the Bitcoin market cap cementing their status as a major force in the market.

Interestingly, prominent market analyst Axel Adler Jr. has pointed to a recent positive trend within the Bitcoin ETF space, suggesting further upside potential and a bullish outlook for the months ahead.

Bitcoin Spot ETFs To Hold 1.2 Million BTC By September – Analyst

In an X post on June 28, market analyst Axel Adler Jr. highlighted a compelling trend in the accumulation pattern of US Bitcoin Spot ETFs over the past three months.

The renowned analyst explains that assets under management (AUM) i.e. net assets of these ETFs excluding the Grayscale GBTC have grown significantly from 932,000 BTC in April 2025 to 1,056,000 BTC today. This development represents a net gain of 124,000 BTC over 87 days, averaging an impressive inflow of 1,430 BTC per day.

As the undisputed market leader, the BlackRock IBIT accounts for the majority of this growth attracting 118,000 BTC i.e. 1,360 BTC per day in deposits. In contrast, the remaining 11 ETFs contributed a combined total of 6,000 BTC, or 70 BTC per day, indicating a clear concentration of investor interest around BlackRock’s product.

According to Adler Jr., if institutional investors maintain the current accumulation pace of 1,430 BTC per day, these Bitcoin ETFs are on course to hit an AUM of 1,840,000 BTC by September, representing 9.25% of the circulating BTC tokens. Within that total, BlackRock IBIT is expected to hold an estimated 817,000 BTC.

When combined with GBTC’s current AUM of $19.79 billion, Adler Jr.’s predictions mean the US Bitcoin Spot ETFs would hold net assets valued significantly over $197.54 billion.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $107,339 reflecting a minor price growth of 0.28% in the past 24 hours. Meanwhile, the asset’s daily trading volume is down by 33.88% and valued at $30 billion.

On larger time frames, the premier cryptocurrency also maintains a positive performance with gains of 5.61% and 1.06% on the weekly and monthly chart respectively, indicating a potential bullish momentum shift following weeks of range-bound movement. 

Since establishing a new all-time high of $111,970  in late May, Bitcoin has struggled to explore new price territory, instead settling into a descending channel between $100,000 and $110,000.

Featured image from Libertex, chart from Tradingview

Issue dates: September 09-11, 2024
Issue price: Rs 66-70
Issue size: Upto Rs 6,560 crore
Implied market cap: Upto Rs 58,297 crore
Face value: Rs 10
Lot size: 214 shares
Retail portion: 35%

Bajaj Housing Finance (BHFL), the country’s second largest mortgage lender after LIC Housing Finance, plans to raise Rs 3,560 crore through fresh issue of shares to augment the capital base and Rs 3,000 crore through an offer for sale. The promoter Bajaj Finance, which currently has 100% stake in the company will dilute over 11% stake through the IPO to hold 88.7% after the issue. The company has shown rapid growth since it started mortgage operation in 2018 with a high asset quality and stable net interest margin (NIM) despite intense competition. The company look poised to take advantage of the growing mortgage penetration in the country. Investors looking for an exposure to this opportunity may consider the IPO.Business
Pune headquartered BHFL is a non-deposit taking housing finance company having pan-India operations. It offers diversified lending services including home loans, loan against property (LAP), lease rental discounting and developer financing. Home loans constitute over 57% of the assets under management (AUM) while lease rental accounts for nearly 20%. BHFL’s AUM increased by 29.3% annually to Rs 91,370.4 crore between FY20 and FY24. It increased further to Rs 97,071.3 crore at the end of June 2024. LIC Housing Finance, the country’s largest mortgage lender had an AUM of Rs 2,88,665 crore as of June. BHFL had an average loan-to-value ratio of 69.3% with a loan ticket size of Rs 46 lakh as of June.

Financials
Net interest income rose by 35.6% annually to Rs 2,509.8 between FY22 and FY24. Net profit grew by 56.2% to Rs 1,731.2 crore. Net interest margin (NIM) remained at or above 4% while gross nonperforming assets (GNPA) ratio was under 0.3% during the period. The cost of borrowings inched up to 7.6% in FY24 from 5.9% in FY22. The return on assets (RoA) improved to 2.4% from 1.8% during the period.

Valuation
The company demands a price-book (P/B) multiple of 3.2 based on the total equity after the IPO. LIC Housing Finance and PNB Housing Finance trade at a P/B of 1.2 and 1.8 respectively. A faster AUM growth backed by diversified offerings, lower credit cost, and better asset quality justify BHFL’s valuation premium.

Prudent Corporate Advisory Services, an independent retail wealth management services group, has reported a 51% year-on-year increase in revenue from operations, reaching Rs 249.4 crores for the quarter ended June 2024. The company achieved a net profit of Rs 44 crores for the June quarter, marking a 57% growth compared to the same period last year.

This significant revenue growth was driven by a 52% increase in the quarterly average assets under management (AUM) in the mutual fund sector, alongside a 64% rise in revenues from non-mutual fund products.

On July 26, Prudent reached a major milestone with an AUM of Rs 100,000 crores. The Systematic Investment Plan (SIP) book grew by 41% year-on-year in June, totaling Rs 780 crores. Prudent’s market share of SIP flows in the industry was 3.7% for June 2024.

Commenting on the results, Sanjay Shah, managing director of Prudent Group, stated that this achievement highlights the value Mutual Fund Distributors find in partnering with Prudent due to its technology and on-ground support. “Our next goal is to reach a SIP book of Rs 1,000 crores by March 2025.”

Mumbai: Bajaj Finance, India’s largest non-banking finance company by assets, reported a 22% increase in net profit for the quarter ended December 2023 to ₹3,639 crore from ₹2,973 crore a year earlier, driven by strong loan growth.

Assets under management (AUM) grew 35% to ₹3.10 lakh crore during the quarter from ₹2.30 lakh crore a year ago led by a strong growth in two- and three-wheeler finance, urban loans and SME lending.

As a result, net interest income (NII) or the difference between the interest earned from loans and that paid for deposits increased 29% to ₹7,655 crore from ₹5,922 crore a year earlier.

The company booked 9.86 million new loans during the quarter, up 26% year-on-year. Total customer franchise stood at 80.41 million, up 22% from 66.05 million a year ago.

Profits rose despite the company increasing its loan loss provisions during the quarter by 48% to ₹1,248 crore as against ₹841 crore a year ago. Operating expenses also increased 22% year-on-year.

Provisions increased despite asset quality improving with gross non-performing assets (NPA) at 0.95% down from 1.14% a year ago. The company has a provisioning coverage ratio of 62% on NPAs as of December. Bajaj Finance has also made excess provisions of ₹590 crore.

“While net interest margin continues to soften gradually on account of lagged effect of cost of funds increase, elevated loan losses and impact of regulatory action have led to profit growth being lower by approximately 5-6%,” Bajaj Finance said.The company’s capital adequacy ratio stood at 23.87%. The increase in the risk weights by the Reserve Bank of India (RBI) on consumer credit exposure from 100% to 125% had a 290 basis points impact on capital adequacy. One basis point is 0.01 percentage point.

The company raised ₹8,800 crore by allotting shares through a qualified institutional placement (QIP) in November.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, Budget 2024 News on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price