Bajaj Finserv shares rallied over 8 percent to hit a 52-week high of Rs 16,590.15 apiece on Tuesday after the company received the nod from the regulator for setting up an asset management company.

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“The company has received an In-Principle approval from Securities and Exchange Board of India (SEBI), for sponsoring a Mutual Fund,” Bajaj Finserv said in an exchange filing.

Accordingly, the company would be setting up an Asset Management Company and the Trustee Company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable SEBI Regulations and other applicable laws, it added.

Meanwhile, the share price of Bajaj Finance also touched a 52-week high of Rs 7,046.80 apiece, surging more than 4 percent in intraday deals.

The market capitalisation of Bajaj Finance hit over Rs 4.2 lakh crore, surpassing that of the country's largest lender State Bank of India's highest-ever market cap of Rs 4.17 lakh crore hit on August 4.

At 1:00 pm, the shares of Bajaj Finserv were trading 7.43 percent higher at Rs 16,402.60 apiece on the BSE.

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