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Hot Pursuit
15-Sep-23
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Bajaj Auto spurts after brokerage upgrade, hits 52-week high
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Bajaj Auto surged 5.01% to Rs 5084.60, following an upgrade in the stock recommendation by a foreign broker.
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According to the media reports, the broker raised the rating on the stock from 'neutral' to 'buy' and raised the target price from Rs 5,100 per share to Rs 5,550 per share, suggesting a potential upside of 15% from the previous day's closing price. The broker identified multiple growth drivers for Bajaj Auto, including exports and electric vehicles, which could lead to positive growth in the future. The three-wheeler segment is performing well, and there is also a gradual recovery in two-wheeler sales in the domestic market. Overall, the broker expects a revenue compound annual growth rate of 14-15% in the fiscal years 2023-2026.
Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof. The auto major reported consolidated net profit jumped 41.33% to Rs 1,644.14 crore on 28.82% increase in net sales to Rs 10,311.91 crore in Q1 FY24 over Q1 FY23.
The stock hit a 52-week high of Rs 5121.50 today.
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