Buy Bajaj Auto, target price Rs 4130: Prabhudas Lilladher

Synopsis

Bajaj Auto Ltd. key Products/Revenue Segments include Automobile – 2 & 3 Wheelers, Export Incentives, Other Operating Revenue, Royalty Income and Scrap for the year ending 31-Mar-2022.

Agencies
Promoters held 53.77 per cent stake in the company as of 30-Jun-2022, while FIIs owned 11.16 per cent, DIIs 12.4 per cent.

Prabhudas Lilladher has buy call on

. with a target price of Rs 4130. The current market price of Bajaj Auto Ltd. is Rs 3769.05. Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 109050.86 Crore) operating in Auto sector.

Bajaj Auto Ltd. key Products/Revenue Segments include Automobile – 2 & 3 Wheelers, Export Incentives, Other Operating Revenue, Royalty Income and Scrap for the year ending 31-Mar-2022.

Financials


For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 8324.54 Crore, up .74 % from last quarter Total Income of Rs 8263.70 Crore and up 7.90 % from last year same quarter Total Income of Rs 7715.34 Crore. Company reported net profit after tax of Rs 1163.33 Crore in latest quarter.

Investment Rationale

The stock after the short correction has bottomed out near the significant 200DMA and trend line support of the ascending channel pattern on the daily chart and has indicated a decent pullback with improved bias. With the RSI also well placed is on the rise and has indicated a trend reversal from the oversold zone with immense upside potential to carry on the momentum still further. The brokerage suggests to buy and accumulate this stock for an upside target of 4130 keeping the stop loss of 3640.

Promoter/FII Holdings

Promoters held 53.77 per cent stake in the company as of 30-Jun-2022, while FIIs owned 11.16 per cent, DIIs 12.4 per cent.

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